Hedera (HBAR) Price Prediction: Is $0.07953 A Possibility?

Hedera is among the top performers today, up by 11.54% in 24 hours. The price of the token has increased since January. HBAR moved from the $0.03 level on January 7 to $0.04 on January 8, 2023.

It surged to $0.07 on February 3 before a slight retracement to the $0.06 price level on February 5. It is back to $0.07772 today and will likely close the day on a high note.

Factors Behind The Latest Price Surge

Several factors might be currently driving the Hedera price rally. The network recorded significant milestones and entered into a lucrative partnership with Tech Giant DELL.

Hedera 3 Billion Milestone Boosting Its Price

Hedera’s team announced on Twitter that the network had processed over 3 billion transactions. The network is a hub for building Decentralized Applications (DApps) and financial transactions.

🚀The #Hedera mainnet has officially processed over 3 BILLION transactions!

A massive thank you to the users, projects, and enterprises who made this possible, showcasing the power of the network & driving global #DLT adoption.
⁰And we’re just getting started – see you at 4bn! pic.twitter.com/ApyMusVxP8

— Hedera (@hedera) January 22, 2023

These figures show massive adoption by users attracted to the innovative platform.

DELL Technologies Joins Hedera Governing Council Pushing The Price

DELL, on February 7, announced that they are officially part of the Hedera governing council. This partnership is for advancement in developing applications in a decentralized environment. DELL is a renowned leader in the computing sector, maintaining its status for nearly 40 years.

1/ We are excited to announce that @Dell has joined the #Hedera Governing Council, helping organizations explore #DLT and developing applications for highly decentralized mission-critical environments such as #EdgeComputing. @Dell_Edgehttps://t.co/JnPHII7ttQ

— Hedera (@hedera) February 7, 2023

Also, Web3 innovations are at the forefront of this partnership between the two organizations. Hedera’s price spiked when the team made the announcement and may likely gain more since DELL has an extensive reach all over the world.

Santiment Tracks Hedera’s developmental Activity

Santiment, a popular crypto analytics platform, revealed that Hedera ranks high in developmental activities. According to the report, Hedera ranks number 5 in terms of active contributors on the network and number 6 for active development.

In tracking @hedera $HBAR dev activity from @santimentfeed across L1s, Hedera is now ranked:
– #5 for active contributors
– #6 for active development

Strong & sustainable growth from Feb 6, 2021 – Feb 6, 2023 📈 thanks to all active core & ecosystem contributors 🤝

We build 💪 pic.twitter.com/rikVBPx6Bs

— Hedera (@hedera) February 7, 2023

The figures indicate the heightened interest by users in the project, which has helped its price increase.

Hedera (HBAR) Price Prediction – What Next For The Token?

HBAR has formed a green candle today that might break the price out of the current sideways trend. The token trades above its 50-day Simple Moving Average (SMA), indicating a short-term bullish run. Also, it is trading above its 200-day SMA, reflecting a positive price sentiment for the coming weeks. The 50-day SMA is moving upwards and might form a golden cross on the charts to boost the rally.

The support levels are $0.05841, $0.06299, and $0.06897, while the resistance levels are $0.07953, $0.08410, and $0.09009. The price is approaching the first resistance level of $0.07953 and will rely on bullish pressure to support it. However, if the bears prevail, it might continue in the sideways trend on the chart.

The relative strength index (RSI) is at 64.76, close to the buy zone but capable of a reversal to the neutral zone of 50. The Moving Average Convergence/ Divergence is bearish and below its signal line. It indicates the presence of bears in the market and the possibility of a trend reversal.

HBAR has formed two consecutive green candles on the chart in the past few days and may likely maintain this price. It might break the resistance of $0.07953 in the coming days if the golden cross forms or constant bullish pressure is maintained. 

However, note that cryptocurrencies are volatile and can deviate from a particular price action at any time.

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