Why Hashgraph (HBAR) just surged 40% despite market stagnance

Hedera Hashgraph (HBAR), a cryptocurrency that increased by more than 350 percent after Google became a member of its Governing Council, rallied by 40 percent on the day.

In the same period, major cryptocurrencies like Bitcoin and Ethereum have remained stagnant, with relatively low volumes.

Why did Hedera cryptocurrency see a 40 percent upsurge?

Following the near four-fold rise in its price on February 11, 2020, HBAR went onto drop by around 65 percent from its peak.

Within merely two weeks, HBAR plunged from $0.084 to $0.029, quickly becoming one of the poorest performing cryptocurrencies in the second half of last month. Based on the absence of major fundamental developments, partnerships, and product release since the pullback, it seems the upsurge was more technical than fundamental.

On the daily chart of HBAR, the cryptocurrency rebounded right at the 50-day moving average, and proceeded to recover strongly in the weeks ahead.

Since HBAR recovered from the 50-day moving average on…