The Hedera Hashgraph price is rebuilding momentum as investors react to the platform’s entry into the decentralized finance (DeFi) industry. HBAR is trading at $0.4455, which is about 186% above the lowest level in July.
Hedera’s first DeFi platform
Hedera Hashgraph is the 35th biggest blockchain project in the world. The total HBAR in circulation have a market capitalization of more than $6.6 billion. The developers have raised about $125 million from the likes of Boeing and Vestinwolf Alternatives.
Hedera is best-known for the speed of its network and its high-powered governance structure. Some of the companies in its governance are Chainalysis, Google, IBM, and Nomura. Its speed is usually about 10,000 transactions per second, making it faster than other popular platforms like Ethereum and Solana.
Now, Hedera Hashgraph is about to get its first DeFi platform in its system. The platform is supporting Akt.io, a new platform that brings DeFi, wealth management, and payment solutions. The company has an upcoming application that will provide users with an intuitive platform to invest.
The Hedera Foundation has already provided grants to Akt towards its launch. In a statement, Shayne Higdon, the CEO of the HBAR Foundations said:
“We’re impressed with akt.io’s revolutionary platform and pleased with their choice of the Hedera Network to enable their vision for providing retail investors with a seamless, integrated model that puts their capital to work while enabling the convenience of immediate liquidity that you’d associate with having cash in the bank.”
On the daily chart, we see that the HBAR price has been in a bullish momentum in the past few weeks. Notably, the coin has managed to move above the key resistance level at $0.4182. This was an important level since it was the highest level between March and May. The coin is also being supported by the ascending trendline that is shown in red. It is also above the 25-day and 50-day moving averages.
Therefore, the coin will likely maintain its bullish trend as investors cheer the new information on DeFi. If this happens, the next key reference point will be at $0.5810, which is about 30% above the current level. This view will be invalidated if the price falls below $0.3500.