- Hedera’s price remains stable above the $0.15 support level on Tuesday, even as the broader crypto markets lost $50 billion in a single day.
- The price of Hedera Hashgraph initially rose by 13% from its opening, briefly testing the $0.17 level.
- Nvidia has officially announced its intention to incorporate Hedera blockchain technology into its artificial intelligence initiatives.
Hedera’s steady position above $0.15 reflects investor confidence, bolstered by Nvidia’s integration of AI, enhancing long-term bullish sentiment and breakout prospects.
Hedera secures vital support as technical breakout indicates long-term bullish momentum
On Tuesday, Hedera Hashgraph (HBAR) demonstrated notable resilience amid widespread market volatility. Despite ongoing tensions surrounding the US trade war, HBAR has reliably remained above its opening price at the $0.15 support level.
Crypto market performance, April 8
Although HBAR is trading close to its opening price for the day, its performance stands out against the backdrop of the overall crypto market trends.
As per available data, the global crypto market witnessed a decline of $50 billion in valuation, dropping 3% to reach the $2.5 trillion mark on Tuesday.
In contrast, Hedera’s slight increase of 0.4% signifies a much stronger performance compared to leading altcoins such as Ripple (XRP), Cardano (ADA), and Ethereum (ETH), all of which recorded losses exceeding 3% for the day.
Nvidia to incorporate Hedera into AI initiatives
The robust performance of HBAR on Tuesday appears to be linked to a new partnership between Hedera blockchain and Nvidia, the well-known chipmaker. Nvidia has confirmed plans to use Hedera’s blockchain framework in its forthcoming artificial intelligence projects.
In a recent update on LinkedIn, Anthony Rong, Nvidia’s Regional VP of Engineering, accentuated the importance of this collaboration. He noted that Hedera’s publicly accessible distributed ledger technology is set to play a crucial role in developing trustworthy, real-time AI systems for enterprise and industrial applications.
This alliance aims to address one of AI’s most urgent challenges: ensuring data integrity. By incorporating Hedera’s rapid and energy-efficient consensus mechanism into AI workflows, Nvidia is equipping its technology with the means to verify both the origin and authenticity of training data as well as real-time inputs. Such transparency is increasingly vital as machine learning models are employed in industries where accuracy and accountability are paramount.
Fields such as healthcare diagnostics, financial risk assessment, autonomous logistics, and secure supply chains are poised to gain significantly from this integration. Rong emphasized that the immutable audit trails provided by Hedera will ensure the reliability and traceability of AI-generated insights.
What is driving Hedera’s price stability today?
This strategic partnership seems to be providing HBAR with a degree of protection against the macroeconomic pressures stemming from the ongoing US trade war, which are adversely affecting other altcoins.
Following the announcement, HBAR experienced a surge of up to 13% during intraday trading, briefly reaching the $0.17 mark before facing resistance.
The bullish trend supports the idea that Hedera’s low energy consumption and high throughput align with Nvidia’s goal of creating environmentally sustainable AI solutions for the long term.
HBAR price outlook: Hedera tests $0.15 support as Nvidia partnership enhances sentiment
Hedera continues to protect its $0.15 support level despite broader cryptocurrency fluctuations, showcasing investor confidence following the partnership with Nvidia. The chart reveals a falling wedge breakout, a recognized bullish reversal pattern, with a projected target near $0.35, indicating over 130% potential upside from current values.
Volume on the breakout bar surged to 951.88 million, indicating strong buying conviction. HBAR’s price bounced back 10.37% from local lows during this surge, confirming the wedge breakout.
The VWAP currently stands at $0.15531 and serves as immediate resistance. A daily close above this level is necessary for the continued movement towards $0.17, with $0.20 representing a key inflection point ahead.
HBAR price forecast
The RSI at 35.62 indicates potential for upward movement, although bearish divergence from previous highs suggests some caution. In this price forecast for Hedera, despite indicated bullish momentum, upward potential remains contingent on maintaining accumulation above the wedge resistance.
Conversely, if HBAR fails to hold trading at $0.15, the wedge’s validity would be compromised, and HBAR could drop to $0.13, a critical support level observed in prior consolidations.