Hedera Transactions Surge to Record High, Bullish HBAR Price Action Coming?

HBAR Crypto News: This week, many of the industry’s top cryptocurrencies have extended their solid run in the crypto market. These include the likes of  Bitcoin (BTC), Ethereum (ETH) and Hedera (HBAR) which has seen exponential growth in recent times. Among these, the Hedera network has recently witnessed a spike in the number of transactions processed in the last seven days.

Hedera’s Growing User Base

One of the most notable metrics that has experienced a surge in the Layer-1 network is the number of daily active users, which has increased by an astounding 348% over the course of the previous quarter. This indicated that the network had been successful in maintaining a consistent user base despite the volatility of the market in the preceding months.

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According to the portal that keeps tabs on the Hedera network, the mainnet executed a total of 321,800,000 transactions in the past week, with an average of over 532 Transactions per Second (TPS). In addition, Hedera recently surpassed the 4 billion transaction mark on February 14 and has currently executed over 4.45 billion transactions at the time of writing.

This recent spike seen in the transaction count directly correlates with the increase recorded in development activity on the network. The uptick in activity could assist in addressing any problems that may contribute to a drop in transactions and further improve the expansion and acceptance of Hedera. It also suggests that new updates and upgrades may be forthcoming.

Hedera (HBAR) Price Action

As a result of such expansion, HBAR could be poised for some significant rallies this year. Its most immediate milestone is $0.01, but a breach at that point could result in newer highs and possibly a new all-time high. Moreover, it’s interesting to note that market experts have speculated that the average trading price for the token could be $0.13 this year.

Additionally, as summarised by the moving averages, HBAR’s technical analysis (TA) indicators at CoinGape’s price tracker show a neutral position, recommending a “neutral” at level 9 and a “buy” at level 8. In response to this latest HBAR crypto news, the price of Hedera is currently trading at $0.081, up 0.51% over the last day compared to a drop of 9.79% over the previous seven days.

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