Hedera is a strong competitor in the DeFi space as it boasts some of the best metrics in the industry. According to recent analysis, the ecosystem hit 5,500 transactions per second. TPS is used to compare DeFi projects from each other. So far, Hedera beats Ethereum in terms of average transactions per second.
The realm of NFTs is also expanding for the Hedera Hashgraph ecosystem. Just last year, the network scored a partnership with LG for their Art Lab, the company’s foray into the metaverse.
With a complete and detailed roadmap for development, HBAR’s price upticks might be a continuous wave for the ecosystem to ride on.
5,500+ MAX TPS has been hit
— Nick | Crypto Crusader (37K) (@NCashOfficial) January 16, 2023
External Devs Pushing Hedera Forward
At the Consumer Electronic Show, or more commonly known as CES, LG announced plans to further expand its reach into Web3 with Hedera. According to reports, the company would leverage the network-based crypto wallet Blade Wallet.
The wallet is said to be the only crypto wallet to be third party audited, making it one of the most secure in the industry. With LG’s Art Labs winning an award in CES this year, we can expect more external developments for the network, driving usage for the ecosystem in the long-term.
— LG Art Lab (@LGArtLab) January 10, 2023
HBAR: What Can Happen
Hedera’s native token has been following the altcoin drive up to recover lost ground. When FTX collapsed, HBAR lost more than 35% of its value. When the crypto rally started, the token rose by 52% in just a span of 17 days.
Dr. Leemon Baird, a computer scientist, and Mance Harmon, a technology executive, established Hedera in 2018. In 2015, they founded Swirlds, which subsequently expanded into Hedera, which was eventually renamed Hedera Hashgraph.
HBAR total market cap at $1.3 billion on the daily chart | Chart: TradingView.com
Meanwhile, at its current price of $0.549, HBAR is testing its $0.0555 resistance which may or may not break. If the uptrend in price continues, HBAR bulls should be able to target $0.0641 resistance to regain lost ground.
However, if HBAR faces a correction at this level, investors and traders could expect support at $0.0506 for the token to maintain a healthy upward momentum.
Image: The Daily Hodl
For the meantime, investors and traders should watch the NFT market and how it reacts to LG’s aggressiveness in its metaverse venture. As the company develops more technologies to make NFTs mainstream, its usage of Hedera would drive more attention to the ecosystem which ultimately benefits HBAR.
Investors and traders should also watch the price movement of Bitcoin as the two assets have high correlation. Overall, HBAR is a good long-term hold for investors and traders.
Featured image from Puracy