Hedera Soars 23% As HBAR Blooms All-Green On The Charts All Week

Christian Encila

1 year ago

3 mins read

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Hedera is a strong competitor in the DeFi space as it boasts some of the best metrics in the industry. According to recent analysis, the ecosystem hit 5,500 transactions per second. TPS is used to compare DeFi projects from each other. So far, Hedera beats Ethereum in terms of average transactions per second.

The realm of NFTs is also expanding for the Hedera Hashgraph ecosystem. Just last year, the network scored a partnership with LG for their Art Lab, the company’s foray into the metaverse.

With a complete and detailed roadmap for development, HBAR’s price upticks might be a continuous wave for the ecosystem to ride on.

5,500+ MAX TPS has been hit

Wow, the BEAST has woke up 😤$HBAR will shock the world very soon, this is ONE enterprise use case, imagine 5, 10, 20, you get the picture.#HBAR #Hedera #HBARbarians pic.twitter.com/cWpWgiLa3m

— Nick | Crypto Crusader (37K) (@NCashOfficial) January 16, 2023

External Devs Pushing Hedera Forward

At the Consumer Electronic Show, or more commonly known as CES, LG announced plans to further expand its reach into Web3 with Hedera. According to reports, the company would leverage the network-based crypto wallet Blade Wallet.

The wallet is said to be the only crypto wallet to be third party audited, making it one of the most secure in the industry. With LG’s Art Labs winning an award in CES this year, we can expect more external developments for the network, driving usage for the ecosystem in the long-term.

At the 2023 Consumer Electronics Show (CES), LG Art Lab was honored as a recipient of the Innovation Awards! https://t.co/1ilPcUekyf pic.twitter.com/3xaEQu4ghp

— LG Art Lab (@LGArtLab) January 10, 2023

HBAR: What Can Happen

Hedera’s native token has been following the altcoin drive up to recover lost ground. When FTX collapsed, HBAR lost more than 35% of its value. When the crypto rally started, the token rose by 52% in just a span of 17 days.

Dr. Leemon Baird, a computer scientist, and Mance Harmon, a technology executive, established Hedera in 2018. In 2015, they founded Swirlds, which subsequently expanded into Hedera, which was eventually renamed Hedera Hashgraph.

HBAR total market cap at $1.3 billion on the daily chart | Chart: TradingView.com

Meanwhile, at its current price of $0.549, HBAR is testing its $0.0555 resistance which may or may not break. If the uptrend in price continues, HBAR bulls should be able to target $0.0641 resistance to regain lost ground.

However, if HBAR faces a correction at this level, investors and traders could expect support at $0.0506 for the token to maintain a healthy upward momentum.

Image: The Daily Hodl

For the meantime, investors and traders should watch the NFT market and how it reacts to LG’s aggressiveness in its metaverse venture. As the company develops more technologies to make NFTs mainstream, its usage of Hedera would drive more attention to the ecosystem which ultimately benefits HBAR.

Investors and traders should also watch the price movement of Bitcoin as the two assets have high correlation. Overall, HBAR is a good long-term hold for investors and traders.

Featured image from Puracy

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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