- Hedera Hashgraph’s token jumped above the 200-day moving average.
- The blockchain network made several important news, including tweaks to its staking.
- Hedera reported that its NFT ecosystem was gaining traction.
Hedera Hashgraph (HBAR) price made a strong comeback this week after the network unveiled several important news. The HBAR token jumped to a high of $0.0625, the highest level since May 1st. It has jumped by more than 52% from the lowest level in June.
Hedera Hashgraph news
Hedera Hashgraph made several important news recently, which helped to push its token higher. First, the Hashgraph Foundation invested in WiseKey, a technology company publicly traded in the United States. The investment went to WISe.ART, a subsidiary of the company that operates an NFT exchange.
Second, still in its NFT business, Hedera decided to increase the cost of minting collections in its ecosystem. The cost of minting a single NFT remained at $0.02 while that of a 10,000 collection rose from $76.80 to $200. Hedera noted that the number of NFT users in its ecosystem jumped to almost 20,000.
Third, Hedera changed its staking algorithm product recently. The developers boosted the maxium staking reward to 2.5% for it to be in line with the industry average. It also adjusted the rewards emission cap and implemented additional controls to govern the reward rate. Before the adjustment, the maximum staking reward was 6.5%.
The other important Hedera Hashgraph news came out last week when the developers partnered with Hyundai Motor Company, one of the biggest companies in the world. As I wrote here, Hyundai will use Hedera’s technology for its blockchain work.
HBAR price prediction
The crypto industry has been under pressure in the past few weeks as volume dries. Hedera, on the other hand, has done well, with its volume being modest. On the daily chart, Hedera Hashgraph’s price has moved above the 200-day moving average. This is an important move since it signals that buyers are gaining control.
HBAR price is also hovering at the key resistance level at $0.0614, the highest point on July 20th. It is also above the ascending trendline that connects the lowest levels since June. The price has also jumped above the Ichimoku cloud indicator.
Therefore, the outlook for the HBAR price is bullish, with the next key level to watch being at $0.0702 (April 16th high).
