In 2023, Hedera Hashgraph saw a remarkable surge of over 40%, reflecting the ongoing frenzy within the crypto industry. Notably, Hedera recently expanded its governance council by adding BitGo, further underlining its growing influence and potential within the cryptocurrency ecosystem.
Hedera Hashgraph (HBAR) has experienced six consecutive weeks of price increases amidst the ongoing crypto frenzy, while its ecosystem gains momentum. The token reached a peak of $0.1227 on Tuesday, marking its highest level since May 2022. Impressively, it has surged by over 235% from its lowest point in 2023.
Hedera Hashgraph Thrives Amid Crypto Bull Run
Amidst the ongoing crypto bull run, Hedera Hashgraph has seen significant gains, largely driven by increased investor interest in altcoins amidst extreme greed in the crypto market fear and greed index.
Hedera’s ecosystem has witnessed remarkable growth, with its total value locked (TVL) in the decentralized exchange (DEX) ecosystem reaching an all-time high of over $193 million. In HBAR terms, the TVL has soared to over 1.6 billion.
SaucerSwap, Hedera’s primary decentralized exchange (DEX), has emerged as the top-performing player in the ecosystem. Its TVL has surpassed $140 million, significantly surpassing its closest competitor, Stader.
SaucerSwap has experienced strong inflows, with its V2 seeing a total volume of over $8.9 million in the past 24 hours, while V1 handled tokens worth over $3.97 million.
Hedera has continued to strengthen its governing council, recently adding BitGo as a member. BitGo, a major player in the blockchain industry, offers custody and infrastructure solutions.
1/ We are excited to announce that leading #DigitalAsset trust and security company @BitGo has joined the #Hedera Council, bringing with it over a decade of experience in #web3 to support innovations and invest in the future success of the Hedera network.https://t.co/wFZID7XbUx
— Hedera (@hedera) February 28, 2024
The addition of Mondelez and Hitachi US to the council, alongside other blue-chip firms like Google, IBM, LG, Ubisoft, and ServiceNow, underscores Hedera’s commitment to strategic partnerships for ecosystem growth. The new president of Hedera reaffirmed plans to create more partnerships to further drive growth.
Bullish Outlook for HBAR Price
Turning to the daily chart, it’s evident that the price of HBAR has been on a strong uptrend in recent months. It recently surpassed the crucial resistance level at $0.1018, marking its highest swing since January 2nd of this year. This breakthrough was significant as it invalidated the double-top pattern.
Technical Analysis Indicators: Hedera has consistently maintained positions above both the 50-day and 25-day moving averages. Additionally, the coin has formed an ascending channel, highlighted in red. The Average Directional Index (ADX) has shown an upward trend, indicating strengthening bullish momentum.
Future Price Targets: Considering these factors, the outlook for the Hedera Hashgraph token remains bullish. The next key level to monitor is $0.135, which represents the next potential target for the uptrend.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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