Last chance for Hedera Hashgraph bulls

HBAR price has been in the defensive in the past few months as demand for the coin slips. Hedera Hashgraph dropped to a low of $0.57 on Friday, which is an important support level. This price is about 90% below the all-time high of $0.5800. Its market cap has slipped to more than $1.3 billion.

ServiceNow launches ESG Ledger

Hedera Hashgraph is a leading blockchain project that counts some of the biggest companies in technology as its partners and validators. Some of these firms are Google, IBM, Avery Dennison, and Deutsche Telekom as its partners. Most of these firms have used Hedera’s technology to build some of their blockchain projects.

Servicenow became a Hedera Hashgraph validator a few months ago. And this week, the company unveiled its first project that is built using the technology. The Now Platform is a new ESG Public Ledger. This ledger tracks all the audit logs and orchestrates token-related activities verifiably.

This ledger is important because of the number of entities involved in ensuring that companies meet their ESG goals. For example, there is a marketplace or exchange that allows the matching of demand and supply through a price discovery mechanism. There are also financial intermediaries, the ecological project, and the financial intermediary.

Servicenow selected Hedera because of the significant speeds of its network and the fact that it is one of the greenest blockchains in the world. For example, according to the Center for Blockchain Technology, it uses about 0.04 Wh per transaction.

HBAR price has also lagged even as Hedera’s DeFi ecosystem makes some progress. According to DeFi Llama, the total value locked (TVL) in Hedera has moved from zero to over $17 million. This growth was helped by Stader, a new liquid staking project. 

HBAR price prediction

The daily chart shows that the Hedera Hashgraph price has been under intense pressure in the past few months. This performance was in line with that of other cryptocurrencies like Bitcoin and Litecoin. Indeed, the coin has remained in a tight range at $0.06 just as BTC is hovering at $20,000. 

HBAR remains below all moving averages while the MACD has remained at the neutral level. Therefore, the outlook of this coin is neutral with a bearish bias. A drop below the support at $0.05 will signal that bears have prevailed, which could push it much lower.