A technical market analyst CryptoBusy, has brought Hedera (HBAR) into the limelight, highlighting its growth potential through a recent analysis. The analyst observed a rising wedge pattern on Hedera’s 4-hour chart, suggesting that if HBAR surpasses the 0.059 mark, it might aim for the 0.065 level.
Any $HBAR holders out there? $HBAR is forming a rising wedge pattern on the 4HR chart.
— CryptoBusy (@CryptoBusy) August 7, 2023
If it breaks out above 0.059, it could potentially reach the 0.065 level.
Why? Because it just recently broke out of a falling wedge pattern. From a market structure standpoint, it could… pic.twitter.com/m0wggzmnv4
This prediction stems from its recent breakout from a falling wedge pattern, indicating the possibility of continued higher lows and highs. However, there’s always the bearish perspective to consider, which would come into play if HBAR drops below its trendline support.
Messari, a renowned crypto market intelligence provider, further bolsters this positive outlook. Its data revealed that over the past 30 days, HBAR has seen a 28% gain against Ethereum, making it one of the top-performing smart contract platforms. However, over the same timeframe, Optimism (OP) has emerged as the top gainer in the smart contract sector with a 42% increase, while Solana’s SOL saw a 9% rise. These three tokens have showcased significant growth in the smart contract domain.
Top smart contract gainers over last 30D (vs ETH):
— Messari (@MessariCrypto) August 7, 2023
🥇 $OP +42%
🥈 $HBAR + 28%
🥉 $SOL + 9% pic.twitter.com/UqiWSKAkiI
But Hedera’s recent achievements aren’t limited to its market performance. Recently, the blockchain made headlines for its collaboration with automotive giants Hyundai and Kia. The partnership aims to develop a carbon dioxide emissions monitoring system, a significant stride towards sustainable practices in the automotive industry.
Seung Hyun Hong, the head of Hyundai and Kia’s materials research and engineering center, expressed his satisfaction with this initiative. He emphasized the system’s potential to revolutionize carbon management, marking a new chapter in sustainable supply chain practices.
Over the weekend, HBAR stole the show with a 14% price jump, reaching the 200-day moving average of $0.060. Currently valued at $0.05808, it boasts a market cap of $1.8 billion and has seen a 19.50% fall in its 24-hour volume, according to CoinMarketCap. Despite a 27.4% drop over the past year, HBAR’s resilience is evident as it remains 89.8% below its peak, showcasing its potential for future growth.
