Hedera (HBAR), despite the unpredictable cryptocurrency market, showed its ability to defy trends by recording more than 14% increase in its price chart, Sunday.
Hedera not only holds its place despite the volatile conditions that often affect other digital assets, but also shows consistent stability.
At the time of writing, HBAR emerged as the only crypto in the top 50 ranking with the highest increase in the seven-day timeframe at 15%. Trading at $$0.063, HBAR has only sustained a very small 1.1% loss in the last 24 hours.
Given that most cryptocurrencies have had significant weekly falls, exacerbated by the latest market crash, this is all the more important.
Hedera: Weekend Rout Top Performing Crypto
HBAR weekend price action . Source: Coingecko
The cryptocurrency market took a big hit on Friday, causing a broad decline and more than $1 billion in liquidations. The most popular cryptocurrency, Bitcoin, experienced a sharp decline of almost 10% in just a few hours, falling to a two-month low of $25,600.
Since the collapse of the FTX crypto exchange in November, this has been the most challenging week for the alpha coin. The incident highlights how intertwined the crypto industry is and how a large decline in a key asset can have an impact on the entire market.
HBAR market cap reaches $2.11 billion on the weekend chart: TradingView.com
Hedera saw a dramatic increase in trading volume, rising by a staggering 60% overnight to reach an incredible total of $220,755,864. This increase in trading activity is a sign of greater market participation and interest, which may indicate a change in the way the market feels about the currency.
Additionally, examining Hedera’s price patterns using its technical indicators and moving averages shows a convincing array of strong buy signals. This line-up of indicators supports the idea that market forces are in an advantageous position to promote the growth price of Hedera.
Bright Prospects For HBAR
Analysts continue to have a strong stance on Hedera’s prospects due to these significant developments. They have reason to be optimistic because they expect a price increase that could push Hedera’s price to the expected target of $0.065 by the end of August.
HBAR weekly price performance. Source: CoinMarketCap
Partnership And Adoption
The HBAR price increase coincides with the integration of Dropp, a micropayments platform based on Hedera Hashgraph, into the FedNow instant payments system operated by the US Federal Reserve.
The price increase also follows a recent press release announcing Hedera’s partnership with Validation Cloud. The integration seeks to increase the interest of Ethereum Virtual Machine (EVM) developers in the Hedera network.
Meanwhile, Hyundai and Kia, two well-known names in the automotive sector, have enthusiastically adopted the Hedera network, marking another unique platform adoption benchmark.
Importantly, the news that these heavy automotive industries will use an artificial intelligence system based on the Hedera network to monitor the carbon footprints of the entire supply chain has increased the trust and confidence of the platform prospect.
(The content of this site should not be considered investment advice. Investing involves risk. When you invest, your capital is at risk).
Featured image from the US Army