HBAR, Hedera Hashgraph’s native cryptocurrency, rose an astonishing 100% to $0.18. On Tuesday April 13 announced the financial giant BlackRock announced that it would use the Hedera Blockchain to tokenize its money market fund. This created a strong undercurrent for the HBAR price to rise and break above previous April highs.
In a groundbreaking development for the real world assets (RWAs) sector, Archax, a digital asset exchange, broker and custodian based in London, has tokenized BlackRock ICS US Treasury money market fund (MMF) on the Hedera (HBAR) blockchain. This achievement was made possible through collaboration between Archax, the HBAR Foundation and Ownera, an institutional-grade digital asset platform.
The milestone reflects abrdn’s success in tokenizing its MMFs on the Hedera blockchain last year. abrdn is the largest active asset manager in the United Kingdom and further emphasizes the importance of this step in the crypto world.
This development created a strong undercurrent for Hedera. Daily trading volumes for HBAR have increased an astonishing 5,440% to $2.3 billion. It is also the first time in two years that the Hedera price has risen above $0.15. If the bulls maintain this momentum, the rally could continue to its all-time highs.
The Relative Strength Index (RSI) supports the bullish outlook and indicates growing momentum that could push the HBAR price higher. Given the potential for further gains, after the intraday peak at $0.1817, HBAR could move higher and target psychological milestones such as $0.2000 or even $0.3000 in an extremely bullish scenario. However, this rate depends on the level of profit taking among HBAR bulls.
On the other hand, an increase in profit taking could lead to a decline in the altcoin price. Notably, significant selling pressure is also likely around $0.1096, where elevated, white-highlighted volume profiles indicate significant seller presence.
A break below the 21-day Smooth Moving Average (SMMA) at $0.1038 would challenge the bullish narrative. Such a scenario could lead to a downside for HBAR, with support around the $0.0815 level.
Source: https://cryptobenelux.com/2024/04/24/hedera-prijs-schiet-omhoog-na-blackrock-ontwikkeling/
