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Hedera Hashgraph (HBAR) price prediction as it integrates USD Coin

Hedera Hashgraph (HBAR) price prediction as it integrates USD Coin

Last updated 30th Nov 2022
Disclosure

The Hedera Hashgraph price remained in a tight range as momentum in digital currencies faded. The HBAR token also reacted mildly to news that the ecosystem will integrate Circle’s USD Coin. It is trading at $0.3575, which is slightly below the weekend high of $0.400.

Hedera supports USD Coin

Hedera Hashgraph is a fast-growing blockchain project that has become incredibly popular among enterprise clients. Some of the top companies that are currently using Hedera are Google, IBM, and Wipro. 

Hedera’s key differentiating factor against other platforms is that it is highly reliable and fast and that it is relatively cheap. As a third-generation platform, it has solved some of the problems that previous platforms like Bitcoin and Ethereum face. 

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It processes about 10,000 transactions per second, which is significantly faster. For one, Ethereum is capable of processing less than 20 transactions per second while Solana handles about 2,000. In the past few years, it has handled more than 1.6 billion transactions. It is also carbon neutral, a goal that existing platforms aim to reach.

The biggest announcement is that Hedera will now start supporting USD Coin, one of the fastest-growing stablecoins in the market. It was established by Circle and has more than $32 billion in market capitalization. In a statement, Shayne Higdon, the CEO of Hedera Foundation said:

“This integration aligns well with the growing tokenized economy on the Hedera network and will help drive new projects. We look forward to working with the community to bring these applications to market.”

The Hedera Hashgraph price is retreating as investors react to news that the first Bitcoin ETF is going live. While this is good news for the crypto community, the price is retreating because investors are selling the news.

Hedera Hashgraph price prediction

Hedera Hashgraph price

The daily chart shows that the HBAR price has tumbled by about 38% from its all-time high. The coin has even declined below the key support level at $0.4565. It has moved to the same level as the 25-day and 50-day volume-weighted moving averages. 

At the same time, the price is slightly above the ascending trendline shown in black. It also seems to be forming the handle section of the cup and handle pattern. 

Therefore, while it is too early to tell, we can’r rule out a situation where the price stages a major comeback in the near term.

Crispus Nyaga

Crispus Nyaga

Crispus is a financial analyst with over 9 years in the industry. He covers cryptocurrencies, forex, equities, and commodities for some of the leading brands. He is also a passionate trader who operates his family account. Crispus lives in Nairobi with his wife and son.