- Summary:
- What is the outlook of the Hedera Hashgraph price? We explain what to expect in the near term as it bounces
The Hedera Hashgraph price popped as investors attempted to retest its all-time high. The HBAR token price rose to $0.45, which is just 10% below last week’s high of $0.4997.
Hedera Hashgraph and IIT Madras
The Hedera Hashgraph price jumped as investors cheered the new addition into the platform’s governing council. In a statement today, the developers announced that the Indian Institute of Technology Madras had joined the governing council.
The new partnership will sew IIT to advance its technical education, research, and innovation offerings in the Distributed Ledger Technology (DLT). In a statement, Prof. Prabhu Rajagopal of the university said:
“We have identified enormous potential in Hedera Hashgraph, already the most used, and sustainable public ledgers on the market today, and we look forward to utilising the Hedera Consensus and Token Services to study potentially ground-breaking new use cases.”
The university joins other esteemed companies that are now part of Hedera’s governing council, including Avery Dennison, LG, IBM, Google, and Nomura.
The announcement came a week after Hedera launched the Hashgraph Partner Program. This program has three levels of partners, including systems, technology, and enterprise.
The Hedera Hashraph price is rising as investors remain convinced that the platform has a strong future ahead. Today many companies like agryo, adsDaX, and AllianceBlock have all built enterprise applications using the decentralized ledger network.
As a result, the demand for HBAR has been rising. It is the native token for the network that has the dual mandate of powering the network and protecting it from malicious actors.
Hedera Hashgraph price forecast
The four-hour chart shows that the HBAR price has been in a strong bullish trend in the past few weeks. Indeed, the token has jumped by more than 80% from its lowest level on September 9th.
Along the way, the price has formed a rising channel that is shown in black. It has also risen above the 25-day and 50-day exponential moving averages while the MACD has moved to the highest level in months.
Therefore, the token will likely maintain the bullish trend as investors target the next key resistance level at $0.50, which is about 14% above the current level. In the loner term, we can’t rule out a situation where Heder
On the flip side, a drop below the key support at $0.40 will invalidate the bullish trend.
