- Investors react positively to news of Hedera Hashgraph’s deal with Ubisoft
- Prices also rose after the launch of EVM smart contracts
Hedera Hashgraph's price has been performing relatively well over the last few days. The native token HBAR is trading at $0.2395, up about 28% from its lowest level this year. As a result, the total market capitalization of this cryptocurrency has increased to around $4.3 billion.
Hedera EVM Smart Contracts
Hedera Hashgraph is a leading blockchain project created by Mance Harmon and Leemon Baird. It is an advanced competitor to the ethereum blockchain with multiple use cases in industries such as anti-fraud and payment processing.
Unlike many other cryptocurrencies, Hedera takes a different approach. For example, unlike Ether, its board of directors includes representatives from companies such as IBM, ServiceNow, Wipro, and Boeing.
Hedera's stock is rising as investors react to its recent partnership with leading gaming company Ubisoft. Under the terms of the agreement, Ubisoft will also join the network's board of directors.
Ubisoft will use the Hedera Hashgraph product to develop its own decentralized applications (dApps) and irreplaceable tokens (NFTs). Ubisoft chose the Hedera network because of its higher speed and stability compared to ethereum.
Hedera processes an average of approximately 50 transactions per second and has processed 126 million transactions in the last 30 days.
As a result, the price of HBAR is rising as investors bet that more companies will grow in their ecosystem. Hedera, for example, recently partnered with Alliance Block.
The second reason for the good price performance of Hedera Hashgraph is the launch of its own smart contract, the Ether Virtual Machine (EVM). The upgrade includes the integration of Solidity smart contracts with the Hedera Token Service. Solidity is an important programming language, used by about 30% of Web3 developers.
In a statement, Gehrig Kunz, vice president of product marketing, said.
Integrating Smart Contracts 2.0 into the Hedera Token Service makes life easier and more flexible for developers and their end users who want to tokenize and transfer assets on the network.
Hedera Hashgraph Price Forecast
On the four-hour chart, you can see that HBAR price has been in a slow upward trend for the past few days. The coin price has formed an upward channel, shown in black. The price is currently located at the top of the channel. At the same time, the price is slightly below the 38.2% Fibonacci retracement level. It has also broken above the 25-day and 50-day moving averages.
Therefore, if the bulls set the main resistance at $0.2643, the Hedera price could resume its uptrend.