Despite the highly unpredictable cryptocurrency market, Hedera (HBAR) has demonstrated its ability to defy trends by exceeding 14% increase on the price chart, Sunday.
Not only has Hedera held its place despite the volatile conditions that often affect other digital assets, but it has also shown stable resilience.
At the time of writing, HBAR emerged as the only crypto in the top 50 with the highest elevation in the space of seven days at 15%. Trading at $$0.063, HBAR only suffered a very small loss of 1.1% in the past 24 hours.
Considering that most cryptocurrencies have experienced significant declines on a weekly basis, exacerbated by the latest market collapse, this is paramount.
Hedera: weekend route best performing crypto
HBAR weekend price action . Source: Coingecko
The cryptocurrency market took a big hit on Friday, triggering a broad slump and more than $1 billion in liquidations. The most popular cryptocurrency, Bitcoin, experienced a rapid drop of almost 10% in just a few hours, to a two-month low of $25,600.
Since the collapse of the FTX crypto exchange in November, this has been the most challenging week for the alpha coin. The incident shows how intertwined the crypto industry is and how a substantial drop in one major asset can have a ripple effect on the entire market.
HBAR market cap reaches $2.11 billion on the weekend chart: TradingView.com
Hedera saw a remarkable increase in trading volume, which rose by as much as 60% overnight to an outstanding total of $220,755,864. This increase in trading activity is a sign of greater market engagement and interest, which may indicate a change in how the market is thinking about the currency.
In addition, Hedera’s research into price patterns using its technical indicators and moving averages shows a compelling range of strong buying signals. This set of indicators supports the idea that market forces are positioned favorably to drive Hedera’s price growth.
Bright outlook for HBAR
Analysts remain optimistic about Hedera’s prospects in light of these important developments. They have reason to be optimistic as they expect a price hike that could propel Hedera’s value to the expected target of $0.065 by the end of August.
HBAR weekly price performance. Source: CoinMarketCap
Partnerships and adoption
HBAR’s price increase coincided with the integration of Dropp, a micropayment platform based on the Hedera Hashgraph, into the FedNow instant payments system operated by the US Federal Reserve.
The price increase also follows a recent press release touting Hedera’s partnership with Hedera Validation cloud. The integration aims to increase the interest of Ethereum Virtual Machine (EVM) developers in the Hedera network.
Meanwhile, Hyundai and Kia, two well-known names in the automotive industry, are enthusiastically leveraging the Hedera network, another outstanding benchmark for platform adoption.
Significantly, the news that these automotive industry heavyweights will use a Hedera network-based artificial intelligence system to monitor carbon footprints throughout their supply chain has boosted confidence in the platform’s prospects.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image of the US Army
