On the bustling trading day of Monday, August 14, Hedera (HBAR) exhibited an impressive surge in price.
Notably, the amplification of shorts liquidations alongside a remarkable escalation in open interest within the futures market contributed to this remarkable price upswing. The HBAR token ascended to a pinnacle of $0.065, an altitude it hadn’t scaled since the month of April.
Remarkably, this ascent translates to a remarkable gain of over 62% from its nadir in July. This meteoric rise places HBAR in a distinct position of outperformance in comparison to stalwarts such as Bitcoin, XRP, and Ethereum.
Seeking further insights into HBAR’s potential near-term price movements, Finbold tapped the machine learning algorithms deployed by the crypto monitoring and prediction platform PricePredictions on August 14.
According to its projections, Hedera’s price is anticipated to stand at $0.66325 on August 31, suggesting a minor price increase from its current price at the time of publication.
Calaxy social marketplace launches app built on Hedera
Pivoting to recent developments that have underscored the resounding progress of Hedera Hashgraph, the advent of Calaxy stands out prominently.
Calaxy, a novel social media dApp harnessing the capabilities of Hedera’s technology, has taken center stage in recent news. By facilitating a direct link between online content creators and their faithful adherents, Calaxy exemplifies the profound potential of distributed ledger technology to reshape traditional paradigms.
As of the present juncture, the prevailing market scenario witnesses HBAR traversing the landscape at a valuation of $0.06533.
This impressive figure signifies a staggering ascent of 16.43% within the confines of the past 24 hours, thereby positioning HBAR at the forefront of the top 100 cryptocurrencies in the digital market arena, with respect to gains realized. Additionally, the trajectory of the past week further bolsters HBAR’s momentum, as it records a notable surge of 18.98%.
Navigating the intricate terrains of price dynamics, HBAR’s foundation finds support at the $0.05533 level, a pivotal juncture that has historically exerted its influence.
Counterbalancing this support, HBAR charts a trajectory towards the resistance echelon, marked at $0.06448. Impressively, the current narrative sees HBAR surmounting this resistance level, lending a degree of optimism to traders’ aspirations.
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