Hedera Hashgraph (HBAR-USD) is having a somewhat difficult year. Despite the extremely positive sentiment in the broader cryptocurrency market, HBAR’s performance tells the story of a crypto that is struggling.
Hedera Hashgraph has an almost singular approach to blockchain technology, distinguishing itself from traditional blockchains using a hashgraph consensus algorithm. In a nutshell, HBAR’s network is faster, cheaper, and more scalable than many of its peers.
HBAR’s Market Performance: A Mixed Bag
Despite a year-to-date (YTD) increase of 25.12%, which would be significant in any other market, HBAR’s performance appears modest compared to its peers. Even from its December 2022 major swing low of $0.036, HBAR has seen a commendable rise of over 200.82% to $0.107 – which is still significantly underperforming other cryptocurrencies in its market cap class.
Recent weeks have shown a downturn, with a 6.09% decrease so far for March and a 7.65% drop this week.
TipRanks’ technical analysis on a weekly timeframe provides a mixed view of HBAR’s present condition. The Moving Averages Convergence Divergence (MACD) indicator produced a Sell signal, but the 20-period and 50-period exponential moving averages (EMA) produced Buy signals.
The Bullish and Bearish Outlooks
Fundamentally, the optimism surrounding Hedera Hashgraph remains rooted in its hashgraph consensus mechanism and adoption in the NFT space. From a technical analysis perspective, HBAR will likely benefit from any broader expansion and appreciation of the crypto.
Nevertheless, while fundamentals and some technicals show a bullish tilt for HBAR, the bearish case for Hedera is due to an intensely competitive arena dominated by many well-capitalized and well-established networks.
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