Hedera Hashgraph (HBAR) price has joined the ongoing rally in the cryptocurrency industry as investors buy the dip. HBAR rose to a high of $0.068, the highest level since April 3 of this year. It has jumped by more than 24% from the lowest level in March.
Hedera Hashgraph ecosystem growth
The main reason why HBAR price has jumped is that there is a return of the raging bull in the crypto industry. A quick look shows that most cryptocurrencies have surged this week. Bitcoin rose to $30,500 while Ethereum has jumped above $2,100. In all, the total market cap of all cryptocurrencies has jumped to over $1.2 trillion. In most periods, cryptocurrencies have a close correlation with each other.
Hedera Hashgraph has also jumped because of the tumbling US dollar. The DXY index, which weighs the USD against a basket of currencies, has crashed to about $100, which is much lower than last year’s high of $115. Cryptocurrencies tend to rally when the US dollar is falling, as we saw during the Covid-19 pandemic.
Meanwhile, there is a rising optimism that the Federal Reserve will start hiking pivoting soon considering that inflation is falling while bets of a recession are rising. Minutes released on Wednesday showed that some officials expect the banking crisis to have an impact on the economy. Therefore, the bank is nearing the end of its hiking cycle.
Internally, it seems like Hedera’s volume is rising after it crashed hard recently. The volume rose to over 45 million on Thursday, which was higher than this month’s low of 13 million.
Meanwhile, Hedera Hashgraph’s ecosystem is growing. On Thursday, the developers announced that Dcent Wallets, a South Korean blockchain wallet had integrated with Hedera. Also, one of the top Hedera Hashgraph news is that UNDO received a contract from Microsoft for its carbon removal project.
HBAR price prediction
HBAR chart by TradingView
The 4H chart shows that the Hedera Hashgraph price is doing well. It jumped to a high of $0.068, the highest point on March 14. As it rose, the coin managed to move above the 50-period moving average on the 4H chart. Volume and other oscillators continued rising.
Therefore, Hedera will likely continue rising as buyers target the next key resistance point at $0.077, the highest point on April 2. This price is ~15% above the current level.
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