Hedera is an innovative distributed ledger technology known as Hashgraph. It is a consensus algorithm where a community of users completes transactions. First, you have to understand the difference between blockchain and this Hashgraph consensus.
On a blockchain transaction, single blocks create a chain. That means if two blocks are created, one block will be discarded, whereas in Hashgraph consensus, no blocks will be discarded- all the transactions are set together into a unified whole.
With this unique feature, Hedera branded itself as a third-generation public ledger, making it popular in the crypto industry. The most stand-out feature is the ‘Gossip about Gossip’ protocol. It is the system by which a node communicates with another node and provides information that the latter does not know. It is very similar to gossip in real life.
Hedera was founded by Dr. Leemon Baird, a computer scientist. He has over 20 years of experience in running several startups and labs. He was the inventor of Hashgraph consensus. Though Baird is the face of the network, it is also backed by famous organizations such as Google, Boeing, IBM, The London School of Economics, and many others.
It will boost the reputation, and the price of HBAR will increase when many of such big names trust the network. England’s National Health Service used the Hedera network to keep records for COVID vaccines-such use cases will make the technology popular in upcoming years. Please read our HBAR price analysis before investing.
At the time of writing this post, HBAR was trading around $0.06. In the last month, Hedera was in a downtrend, but now after taking support at $0.055, it is in an upward trend, but $0.07 is a strong resistance of this coin.
On the daily chart, candlesticks are forming in the upper Bollinger Band, and RSI is over 55, suggesting positive market momentum. It may come to the level of $0.06 to form a higher low. We think it will consolidate between these ranges, so it is a good time to invest for the short term. You may even check out our HBAR predictions before making your final investment decision!
On the weekly chart, candlesticks are forming lower lows in the lower range of the Bollinger Bands. HBAR will face resistance around the baseline of $0.07 and might fall down further to form another lower low. We do not think it is an ideal time to invest for the long term in Hedera.