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Hedera Hashgraph (HBAR) price crashed to the lowest level since March 28 as the recent sell-off intensified. HBAR has crashed by more than 41% from the highest level this year, meaning it has underperformed key cryptocurrencies like Bitcoin and Ethereum.
New appointment at Hedera
The most important Hedera Hashgraph news of the week is that the platform made a key appointment as it seeks to expand its operations and adoption among corporates.
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In a statement, the developers announced that they had appointed Heran Shah as the new Executive Director, Global Business Development. He is a highly experienced professional, who previously led IBM’s sales operations.
As part of his role, Shah will also help the Hedera Foundation to identify new opportunities in key technology industries like Internet of Things (IoT), Blockchain, and Artificial Intelligence (AI). In a statement, the president of Hedera Association said:
“We are confident that Heran will be an asset to THA and the wider Hedera ecosystem. Heran is not only passionate about the transformative potential of disruptive technologies but also brings with him an invaluable track record and experience working at the forefront of technology at IBM.”
Hedera Hashgraph is a blockchain platform that makes it possible for people to build dApps in all industries. It has more advanced features than Ethereum, which has the biggest market share in the sector. For example, it has a faster throughput and low transaction costs.
Hedera mostly focuses on enterprise developers, which explains why its governing council is made up of the biggest companies in the world like Google, IBM, LG, and Ubisoft. Some of the top dApps in the ecosystem are Heliswap, Hashport, and SaucerSwap.
However, Hedera is still struggling to gain traction in key industries like DeFi and NFTs. A quick look shows that the total value locked in Hedera stands at over $57 million, making it the 42nd biggest platform in the industry.
HBAR price prediction
The HBAR price made a major bearish breakdown this week despite the latest appointment. As it dropped, the coin moved below the key support level at $0.058, where it has struggled to move below several times since March. It has also formed what looks like a head and shoulders pattern and moved below the 50-day moving average.
The Awesome Oscillator and the MACD remains below the neutral point. Therefore, there is a likelihood that Hedera will continue falling as sellers target the next key support level at $0.0500.
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