The Hedera Hashgraph price plummeted on Monday as sentiment in the market waned. The HBAR token declined to $0.3582, which was about 38% below the highest level this month. It is also at the lowest level it has been since September 12. It has a market capitalization of more than $3.7 billion, making it the 45th biggest cryptocurrency in the world.
More development for Hedera?
The Hedera Hashgraph price has tumbled even after the platform’s governing council announced a major investment in the ecosystem. In a statement last week, the council said that it will allocate about 20% of HBARs to fund the platform’s expansion. The total amount of HBARs are valued at more than $5.35 billion. The council said:
“Our aim with the transfer of these assets is to ensure that decisions about the growth of the network will continue to be further decentralised through the role of the independent HBAR Foundation.”
The announcement came shortly after Hedera announced that IIH, an Indian university will join its governing council. It joins other respectable institutions like Google, IBM, and Wipro.
Hedera Hashgraph price prediction
The Hedera Hashgraph price has collapsed in the past few days. After staging a major rally, it has dropped by almost 40% from its highest level this month. By so doing, the token has declined below the important support level at $0.4575, which was the previous all-time high. It remains slightly above the 25-day and 50-day moving averages. It also seems like it is forming a cup and handle pattern.
Therefore, there is a likelihood that the coin will soon bounce back. This view will be invalidated if the price moves below the support at $0.300.