2 reasons why the Hedera Hashgraph price popped

The Hedera Hashgraph (HBAR/USD) price popped sharply on Thursday as investors reacted to the latest partnership with Ubisoft. The coin rose to a high of $0.23, which is the highest it has been since January 21st. Its total market capitalization has jumped to more than $4.6 billion, making it the 33rd biggest coin in the world.

Hedera teams with Ubisoft

Hedera Hashgraph is one of the fastest-growing blockchain platforms in the world. The network is an Ethereum-killer that helps developers to build decentralized applications (DAPPs) like those in the decentralized finance (DEFI), NFTs, and CBDC projects.

On the other hand, Ubisoft is one of the leading gaming companies in the world. It owns some of the top gaming brands like Far Cry, Assassin’s Creed, and Tom Clancy’s. The company has a market cap of more than 6.34 billion euros.

In a statement, the HBAR Foundation announced that it will team up with Ubisoft as the latter seeks to become a major player in decentralized gaming. The agreement means that Ubisoft will become a member of the Hedera Governing Council. Other members of the council are IBM, Google, Wipro, and ServiceNow. In a statement, Alex Russman of the HBAR Foundation said:

“Ubisoft has been a pioneer in its engagement with distributed ledger technology, and the decision to directly engage with THF to enhance the support it provides to entertainment and gaming innovators provides tremendous opportunities for developers, startups and users alike.”

The Hedera Hashgraph price also jumped after Hedera announced the launch of its mainnet launch of EVM-Compatible smart contracts 2.0. The upgrade means that the developers will be offered low and predictable gas fees. Besides, the network can now process up to 15 million gas per second. 

Hedera Hashgraph price analysis

The daily chart shows that the HBAR price has been in a bearish trend in the past few months. It has declined by about 60% from its all-time high. A closer look shows that the network has moved slightly above the 23.6% Fibonacci retracement level. It has also formed a bearish flag pattern.

Therefore, there is a likelihood that the Hedera price will decline in the coming days. If this happens, the next key support level at $0.1600. On the flip side, a move above the key resistance at $0.2550 will invalidate this view.

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