Hedera Boosts DeFi with Pyth Network Oracles

Hedera recently merged Pyth Network oracles into its system, marking a big step for DeFi growth. This union provides over 400 financial data feeds for developers on Hedera, streamlining the creation of strong and fresh decentralized apps (dapps).

Hedera devs rejoice! Pyth Price Feeds now serve up fresh data for your DeFi delights. With Pyth’s trusty oracle, your trades are as accurate as grandma’s secret recipe. Get ready to taste the future of finance!

— Ladet Maryellen (@LadetMaryellen) March 5, 2024

Pyth Network’s advanced oracles streamline and enhance DeFi development on Hedera by providing developers with high-quality price feeds, crucial for accurate and efficient dapp creation. A Significant Step: HLiquity, a leading DeFi platform on Hedera, marks the first integration of Pyth Network’s price data. This borrowing protocol utilizes Pyth Price Feeds to uphold optimal collateral ratios, demonstrating Pyth Network’s practicality in DeFi.

Pyth Network’s integration with Hedera’s dapps signifies a pivotal move towards establishing a more reliable DeFi ecosystem. Pyth’s innovative methodology promotes stability and trust, facilitating wider acceptance of decentralized financial services.

The integration of Pyth Network oracles into the Hedera ecosystem has the potential to significantly impact HBAR’s price. This collaboration enhances the utility and attractiveness of the Hedera platform for developers and users interested in decentralized finance (DeFi) applications. The increased activity and interest in Hedera may lead to greater demand for HBAR tokens as they are essential for transactions and participation within the ecosystem.

Additionally, positive news regarding advancements and partnerships, such as the integration of Pyth Network, can improve market sentiment towards HBAR, potentially attracting new investors and driving up its price. Furthermore, Hedera’s competitive advantage in the DeFi space with sophisticated price oracles could lead to increased adoption and usage, further boosting demand for HBAR tokens.

Overall, the integration of Pyth Network oracles strengthens Hedera’s position in the cryptocurrency market and has the potential to positively impact HBAR’s price through increased demand and improved market perception.

Key Levels to Watch on HBAR

HBAR has recently resumed its impulsive phase following a temporary correction observed between the 19th of February and the 5th of March. During this period, the strength of the uptrend appeared to diminish upon encountering resistance at the trendline, as indicated by the Average Directional Index (ADX). However, the subsequent pullback to $0.0900 has provided bulls with an opportunity to regain momentum and push above the previous range.

Currently, the market price of HBAR is fluctuating within a bullish parallel channel on the daily chart. This pattern suggests a strong underlying bullish sentiment, with the previous downtrend finding support at the lower trendline Consequently, there is a dominant anticipation among crypto signals that the price will surge towards the resistance level at $0.150.

Overall, the recent price action indicates a resurgence of bullish momentum for HBAR, with the potential for further upside movement in the near term

HBAR Key Levels

Demand Levels: $0.0950, $0.0680, $0.0460
Supply Levels: $0.01400, $0.1800, $0.2200

Hedera Metrics

Total Market Capitalization: $2.47T
Hedera Market Cap: $4.4B
Hedera Volume (24h): $99.4M
Market Rank: 31

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