Hedera Price Prediction: HBAR Eyes $0.06 Mark – This Week's Best Performer?

Hedera Price Prediction: HBAR Eyes $0.06 Mark – This Week’s Best Performer?

Updated: 30 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Hedera (HBAR) price surged yesterday, August 29, as Bitcoin led the market up with a minor bull run. However, like Bitcoin, HBAR’s price dropped after hitting a barrier of $0.058.

Over the past seven days, Hedera’s price dropped substantially, from $0.0628 to its bottom at $0.053. The token has spiraled down for days, breaking one support level after another.

First came the one at $0.058, which even allowed the price to bounce back up to $0.061. However, the correction took it back down, eventually forcing it to break the support and head down to $0.056.

After reaching this level, the price recovered to $0.059, only to be rejected again. The rejection brought it under $0.058 — a strong resistance that prevented HBAR from growing further. It also rejected its price on August 28, sending it back down unread $0.056, finally turning from a support into a resistance.

However, this was also not the end, as the price got rejected further, finally reaching its bottom and its weekly low at $0.051.

At this moment, Bitcoin led a minor bull run yesterday, August 29. HBAR followed, reaching up and hitting resistance at $0.057. Since then, the token’s price has dropped again, down to $0.054, where it sits at the time of writing.

Hedera Development Continues

HBAR has set a series of goals for 2023, with the key being to enhance its protocol adoption and strengthen the decentralized community.

The project seeks to attract prospective companies, and to do that, it must improve scalability, security, privacy, and transaction throughput. Its work on achieving this has resulted in efforts to create better interoperability between different blockchains. On top of that, the project seeks to create a world-class platform to rival Ethereum and Hyperledger.

Furthermore, the platform became an attractive place for launching NFTs. It has plenty of trending NFT projects on the Hedera network.

Adding to the fact that the project can reach over 10,000 TPS, it is easy to understand why many see such great potential in Hedera. Some crypto community members are hoping the project might continue its recovery.

In that case, they hope to see it recover to $0.06 in days. However, whether or not this is possible will depend on numerous factors, including Bitcoin, the rest of the market, and Hedera itself.

Sonik (SONIK) As Alternative

While the newly emerged cryptocurrency, Sonik (SONIK), is in no way Hedera’s competitor, it can be considered an alternative to consider. Especially now, as the market is not bullish, volatility threatens everyone’s crypto holdings.

Sonik is a meme coin inspired by the memes based on Sonic The Hedgehog. The project is not affiliated with Sonic The Hedgehog or Sega.

However, it is based on the Sonic meme, and the buyers seem to love it so far. The project raised over $761k in less than a week, and its presale will continue for another six days.

Each SONIK token is available for $0.000014 per unit, and those interested can purchase it in exchange for ETH or USDT.

The project sells half its supply, while another 10% will be used for liquidity.

As for the remaining 40%, Sonik plans to introduce staking, where users will receive rewards in exchange for staking the token. This grants it a powerful use case and differentiates it from most other meme coins.

Smog (SMOG) - Meme Coin With Rewards

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