HBAR price darts higher after key Hedera Hashgraph news

Hedera Hashgraph (HBAR/USD) price jumped to the highest point since March 2 of this year as Bitcoin continued its comeback. HBAR rose to a high of $0.068, which was about 28% above the lowest point this year. Other altcoins like SXP, Celo, and Trader Joe also rallied.

Bitcoin leads recovery

Hedera Hashgraph is a leading blockchain platform that provides smart contract solutions. It is an Ethereumk-rival that has additional capabilities like faster transaction speeds and lower costs. Further, it is an open-source platform governed by some of the biggest companies in the world like Google, Boeing, Dell, and Ubisoft.

Data compiled in its website shows that it has over 1.9 million mainnet accounts and has helped handle over 11 million transactions in the past 24 hours. Unlike Ethereum whose cost per transaction is over $10, the average cost of Hedera is $0.01. The average consensus time is about 5.6 seconds. In a recent note, the developers noted that Hedera’s mainnet has handled 6 billion transactions.

The main catalyst for HBAR price is the fact that Bitcoin is surging despite the regulatory scrutiny in the industry. BTC jumped to a high of $28,885, which was the highest point this year. This means that there is a possibility that the coin will jump to $30,000 in the coming months.

Historically, altcoins like Hedera tend to attract attention and buyers when Bitcoin is surging. This rally is notable because it comes in a week that US regulators filed a lawsuit against Binance, the biggest cryptocurrencies exchange in the world.

The other main reason why Hedera Hashgraph is rising is a new governance proposal in the ecosystem. Proposal HIP-694 proposes a way for users to receive information for specific information as soon as it is available on Hedera Hashgraph.

HBAR price forecast

HBAR chart by TradingView

The 4H chart shows that Hedera Hashgraph price made a strong comeback in the past few days. In this period, it has managed to move above the key resistance point at $0.068, the highest point on March 14. The coin has moved above the 25-period and 50-period moving averages while the MACD has moved above the neutral point. 

Therefore, more upside will be confirmed if the coin moves above $0.068. If this happens, it will likely retest the support at $0.076, which is along the 50% Fibonacci Retracement level. This price is about 17% above the current level.

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