Hedera (HBAR) experienced an impressive surge in price on Monday, August 14, sparking hope for future gains. The rise in price can be attributed to the increase in shorts liquidations and the significant escalation in open interest within the futures market. The HBAR token reached a peak of $0.065, a level it hadn’t reached since April. This represents a remarkable gain of over 62% from its low point in July, positioning HBAR as an outperformer compared to established cryptocurrencies like Bitcoin, XRP, and Ethereum.
To gain further insights into HBAR’s potential near-term price movements, Finbold turned to the machine learning algorithms of PricePredictions, a crypto monitoring and prediction platform. According to their projections, HBAR’s price is expected to reach $0.66325 by August 31, indicating a minor price increase from its current level.
One recent development that highlights Hedera Hashgraph’s progress is the introduction of Calaxy, a social media decentralized application (dApp) that utilizes Hedera’s technology. Calaxy provides a direct connection between online content creators and their loyal followers, showcasing the transformative potential of distributed ledger technology in reshaping traditional paradigms.
At present, HBAR is valued at $0.06533, representing an impressive 16.43% increase in the past 24 hours. This places HBAR at the forefront of the top 100 cryptocurrencies in terms of gains realized. Additionally, the past week has seen HBAR’s momentum continue to rise with a notable surge of 18.98%.
In terms of price dynamics, HBAR finds support at the $0.05533 level, a key juncture that has historically played a significant role. Conversely, HBAR is currently heading towards its resistance level at $0.06448. Encouragingly, the current trend suggests that HBAR is surpassing this resistance level, fueling optimism among traders.
In conclusion, Hedera (HBAR) has experienced a significant surge in price, triggering hope for future gains. The rise can be attributed to factors such as shorts liquidations and increased interest in the futures market. Projections indicate that HBAR’s price will continue to increase in the near term. Additionally, the introduction of Calaxy showcases the potential of Hedera’s technology in reshaping social media platforms. As HBAR continues its upward trajectory, it remains an attractive option for investors.
