Despite a general market decline for the majority of cryptocurrencies, Hedera (HBAR) is making strides with notable gains. Its performance sets it apart from the rest of the market and has garnered the attention of investors with a focus on whether it can hold the gains.
Indeed, HBAR, a scalable smart contract asset, was trading at $0.09 by press time, with daily gains of over 4%. The token also leads the crypto market in weekly gains at over 25%.
The rally has been powered by sustained capital inflow, with the token market cap standing at $2.25 billion on February 14. Over the last seven days, about $460 million has inflowed into the asset’s market capitalization.
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Drivers of HBAR’s rally
Hedera Hashgraph price movement has seen the token be deemed an outperformer in the crypto market as assets such as Bitcoin (BTC) continue to post losses. The gains by HBAR come amid increased network growth and strategic partnerships.
For instance, the asset has rallied following the announcement of Dell Technologies’ plan to join the Hedera Governing Council. As part of the partnership, Dell will operate its node, develop customized applications, and support distributed ledger technology automation.
“By gaining hands-on experience with distributed ledger technology, we’re able to serve as a rational, holistic voice for customers considering incorporating DLT into their digital transformation,” Dell said.
Elsewhere, Ashfall NFT, a new non-fungible token (NFT) series, was recently launched, further expanding the platform’s utility.
Overall, Hedera Hashgraph is experiencing widespread adoption across various industries for the creation of diverse applications. Companies such as Acme Labs have utilized the platform to develop a decentralized marketplace for NFTs, while Leemonswap has established a food-themed decentralized exchange.
Additionally, a new metaverse fund has been established on Hedera Hashgraph, specifically targeting Africa’s creative industry, with a valuation of $1 million. These developments suggest that Hedera Hashgraph continues to mature and expand, positioning itself as a significant player in the evolving cryptocurrency market.
What next for HBAR?
HBAR has formed support at the $0.07 level, and a breach below the position could invalidate the recent bullish momentum. The asset is also facing resistance at $0.10, and achieving the position might open room for reclaiming new highs.
Elsewhere, HBAR’s one-day technical analysis on TradingView is dominated by bullishness, with a summary recommending a ‘buy’ at 14 while moving averages are for a ‘strong buy’ at 13. Oscillators recommend ‘sell’ gauging at 3.
Although HBAR appears to have broken away from the general market, it is worth noting that the asset is still susceptible to overall market sentiments.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
