HBAR, the native cryptocurrency of Hedera Hashgraph, surged by a staggering 100% all the way to $0.18. On Tuesday, April 13, financial giant BlackRock announced that it would leverage the Hedera Blockchain to tokenize its money market fund. This provided a strong undercurrent for the HBAR price to rally breaking above previous April highs.
BlackRock Triggers Hedera (HBAR) Price Rally
A significant advancement in the realm of real-world assets (RWAs), Archax – a digital asset exchange, brokerage firm, and custodian based in London – has made history by tokenizing the BlackRock ICS US Treasury money market fund (MMF) on the Hedera (HBAR) blockchain. This means that the traditional fund has been converted into digital tokens, allowing for more efficient and accessible transactions on the secure and decentralized blockchain network.
Through teamwork between Archax, the HBAR Foundation, and Ownera, this milestone was successfully reached – Archax being a fintech firm, the HBAR Foundation a non-profit organization, and Ownera a leading platform for institutional-grade digital assets.
Last year, abrdn achieved a significant milestone by tokenizing its Money Market Funds (MMFs) on the Hedera blockchain, reflecting the success of this endeavor by the UK’s largest active wealth manager. This action underscores the importance of this move within the crypto community.
Recently, an significant event caused a powerful surge for Hedera (HBAR). The daily trading volume for HBAR has spiked dramatically by 5440%, reaching an impressive $2.3 billion. Moreover, the Hedera (HBAR) price has climbed above $0.15 for the first time in two years. If the bullish trend persists, we may witness further escalation to new record-high levels.
HBAR Price Action Ahead
The RSI’s bullish signal suggests that HBAR‘s price may continue gaining momentum and potentially increase.
If HBAR continues to rise after reaching a high of $0.1817, it may climb higher with potential targets at $0.20 and $0.30 in an extremely optimistic outlook. However, the path forward depends on the ability of HBAR investors to resist selling for profits.
After a more prolonged journey than anticipated and causing a momentary setback in my investment plan, the value of $HBAR is now nearing my initial significant profit marker, which is approximately at the $.20 mark.
This month, we encounter notable resistance in this region. It’s the sole element impeding our progress.
— CrediBULL Crypto (@CredibleCrypto) April 24, 2024
In other words, if there is an increase in investors looking to sell their altcoins, it could cause the price to go down. Additionally, there may be strong resistance to buying around the $0.1096 price point due to a large number of sellers in the market, as indicated by the high volume of red bars on the chart.
If the price of HBAR falls below the 21-day SMMA at $0.1038, it could cast doubt on the bullish outlook. In this case, HBAR may trend downwards towards the $0.0815 support level.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LIT PREDICTION. LIT cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- BCH PREDICTION. BCH cryptocurrency
- USD CNY PREDICTION
- ORAI PREDICTION. ORAI cryptocurrency
- EUR USD PREDICTION
- GBP USD PREDICTION
2024-04-24 08:55