The Hedera Hashgraph has been in a bearish trend in the past few weeks. HBAR, its native token, is trading at $0.2213, which is about 61% below the highest level this year. It is also trading at the lowest level since August 19th. Its total market capitalization has dropped to about $4 billion, making it the 39th biggest cryptocurrency in the world.
Hedera invests in metaverse
Hedera Hashgraph is a blockchain project managed by the HBAR Foundation. It is a well-known institutional platform that is governed by companies like Google, Wipro, and IBM. Hedera enables developers to build decentralized applications (DAPP).
In a statement on Tuesday, the HBAR Foundation announced that it will partner with MataVRse, a web-based, low-code 3D platform. The goal is to enable the biggest companies in the world build metaverse projects on Hedera’s network.
Hedera is also supporting these initiatives through grants and organizational support to developers building these projects. Hedera offers about 10,000 transactions per second, which is a significant number considering that Ethereum handles less than 20 transactions.
In a statement, Alex Russman of the HBAR Foundation said:
“We see their code-optional approach to creating 3D experiences, Augmented Reality and Virtual Worlds as the key to unlocking the unlimited value across enterprise in training, marketing, sales and entertainment.”
Hedera Hashgraph price prediction
The daily chart shows that the Hedera Hashgraph price has been in a major bearish trend in the past few weeks. The coin has managed to move below the ascending black channel. It is also attempting to make a death cross, which happens when the 50-day and 200-day moving averages crossover. The MACD has also moved slightly below the neutral level.
Therefore, the HBAR price will likely keep falling as bears target the key support level at about $0.1570. On the flip side, a move above the key resistance will be at $0.2800.