Hedera Price Prediction for 2024 - Is $HBAR Price Getting Ready for a Bullish Rally?

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Hedera’s partnership with the UN on tackling climate change marks a significant step forward for the platform and positive price trajectory.

The United Nations Framework Convention on Climate Change (UNFCCC) has endorsed a collaborative initiative involving Hedera, Envision Blockchain, and Swirlds Labs to create a cutting-edge carbon data platform called Guardian and Managed Guardian Service.

Leveraging Hedera’s blockchain and token, $HBAR, this initiative enhances transparency in carbon markets, eliminating the need for intermediaries. The Hedera Guardian leads in digitized measurement, reporting, and verification (dMRV) within carbon markets.

Envision Blockchain Solutions and Swirlds Labs contribute expertise in Web3 applications and development support for the Hedera network, respectively.

Hedera Brief Overview

Hedera is an innovative public network established by Dr. Leemon Baird and Mance Harmon in 2018. Operating on a Proof-of-Stake (PoS) mechanism with a distinctive hashgraph consensus, it aims to offer a quicker and more secure alternative to traditional blockchains.

With the capacity to handle up to 10,000 transactions per second (TPS), it distinguishes itself through efficient bandwidth usage and rapid transaction speeds. Built on directed acyclic graphs from graph theory, the network ensures immutable transaction records.

Hedera’s asynchronous Byzantine fault-tolerant (ABFT) consensus enhances transaction validation efficiency, security, and logical coherence compared to conventional blockchain methods.

By supporting smart contracts, Hedera facilitates the creation of decentralized applications (DApps) that enable secure and efficient exchanges without intermediaries. Its scalability and innovative consensus model position Hedera as a potential leader in the realm of decentralized ledger technology.

$HBAR Price History

In 2020, Hedera experienced gradual growth as its potential garnered wider recognition. The following year, 2021, saw a significant surge in $HBAR’s price, peaking at around $0.57 in September, fueled by the overall bullish trend in the crypto market and Hedera’s technological advancements.

However, 2022 presented challenges, witnessing price declines amid market downturns, reaching lows near $0.07. The trend continued into 2023, with the HBAR token following a downward trajectory. By the early summer, $HBAR traded around $0.052, and its value persisted in a downward trend.

On August 14, news of the Federal Reserve’s FedNow incorporating Dropp, a Hedera-based micropayments platform, led to a significant 16% price increase for $HBAR. Notably, major automakers Hyundai and Kia embracing the Hedera network marked a significant adoption milestone.

As of today, December 23rd, Hedera’s current price stands at $0.091, ranking $HBAR at #32 in the crypto ecosystem, with a 24-hour trading volume of $93.38 million and a market cap of $1.36 billion.

Over the past 24 hours, the crypto has seen a slight increase of 0.46%, while the last 7 days exhibited a positive upward trend, with a 14.29% increase.

$HBAR Price Prediction

Hedera’s short-term 50-Day Simple Moving Average (SMA) is projected to be $0.066, and the 200-Day SMA is expected to reach $0.054. The Relative Strength Index (RSI) value is currently at 74.07, indicating an overbought market condition, suggesting a potential price increase.

Hedera has support levels at $0.087, with the strongest support at $0.0808. Resistance levels are identified at $0.094 and $0.100. Predictions indicate a minimum price target of $0.083 and a maximum target of $0.93 by the end of 2023.

Looking ahead to 2024, the forecast suggests a minimum level of $0.95 and a maximum level of $0.138. With Hedera displaying strong potential, it presents a favorable investment opportunity.

For a detailed analysis of $HBAR price predictions, view the video above, and consider subscribing to his YouTube channel for further insights into cryptocurrency price forecasts. Jacob Crypto Bury manages a Discord community with 17,000 members, providing trading tips and information on upcoming crypto presales.

Is Hedera Crypto a Good Buy?

Hedera stands out as a promising investment due to its innovative approach in combining the advantages of public and private ledgers, ensuring customers benefit from the security of a centralized network while enjoying the privacy of a decentralized platform.

The platform prioritizes the creation of a swift and secure network that fosters equality for all users. Hedera’s commitment to being carbon-negative sets it apart as a sustainable and environmentally friendly cryptocurrency, providing an alternative to the energy-intensive processes of earlier blockchains like Bitcoin.

At #COP28, in collaboration with @UNFCCC, @env_blockchain, and @swirldslabs, we’re excited to unveil a suite of upgrades to the @Hedera Guardian – the world’s leading platform for digitized and digital measurement, reporting, and verification (#dMRV) for the carbon markets 🌎 pic.twitter.com/4IysPOlT9j
— HBAR Foundation (@HBAR_foundation) December 4, 2023

Moreover, Hedera’s unique feature allows users to stake currencies and receive rewards, contributing to the network’s stability. This creates a situation where users not only support the network but also profit from their investment.

While Hedera displays significant investment potential, you may visit our articles on the best crypto to buy now, presenting additional opportunities with high upside potential.

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