Hedera Hashgraph (HBAR) Up 6% In Spite of Bear Market, Here’s Why

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Last Updated on 5 November 2023 by CryptoTips.eu

Hedera Hashgraph, the 32nd largest cryptocurrency by market cap, has remained stable in price for weeks. In the last 24 hours however, it has gained 6% in spite of the general market bleeding, according to CoinMarketCap.

The asset also seems to have defied all negative industry news such as the Ripple and SEC case and falling US inflation rates, as well as the Federal Reserve’s final rate hike for the year. 

Hedera started the upward price movement just yesterday 2 August, shortly after news broke out that top automobile companies, Hyundai and Kia partnered with Hedera for carbon emission monitoring of its vehicles. 

Hedera is an open-source, fully decentralized cryptocurrency project that uses proof-of-stake consensus. The network’s unique design makes it a low energy network that provides sustainability solutions, making it perfect for use cases like emission monitoring.

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Hyundai and Kia partner Hedera

The Hedera Foundation recently announced a partnership with Hyundai Motor Group. The company intends to use Hedera’s network to develop a supply chain carbon emissions tracking solution. By integrating Hedera’s network, Hyundai aims to enhance sustainability by enabling suppliers to track and manage carbon emissions data.

This partnership makes Hyundai the latest company to adopt Hedera’s technology. Other top companies that already use the network’s technology are LG, Google, and IBM, that are utilizing Hedera’s technology.

A look at Hedera’s price

Hedera currently trades at $0.053, which is a safe level. Analysts expect that it will remain on this level as a break below $0.050 would lead to a downward trend. $0.060 is a significant support level that is to be closely watched as well. 

If the price successfully breaches this level, it could lead to higher price levels in the coming days and weeks. For now, the price is expected to remain within the $0.06 and $0.05 range, consolidating until market forces determine which direction it will go.

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Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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