Hedera (HBAR) Price Surges 100% In A Day After BlackRock Development

Last updated: 2024-04-26

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The daily trade volume for Hedera increased by a stunning 5440%, reaching a high of $2.3 billion. The HBAR price has reached a two-year high, indicating a further climb ahead.

Key Takeaways:

The price of Hedera (HBAR) has reached a two-year high as BlackRock’s MMF arrives.
The daily trading volume for HBAR increased by 5440%, reaching $2.3 billion.
HBAR faces immediate resistance at the $0.20 crossing, which could lead to a further surge.

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BlackRock Initiates Hedera (HBAR) Price Rally

The BlackRock ICS US Treasury money market fund (MMF) has been tokenized on the Hedera (HBAR) blockchain by Archax, a digital asset exchange, trader, and custodian based in London. This is a monumental step forward for the real-world assets (RWAs) sector.

Ownera, an institutional-grade digital assets platform, collaborated with Archax and the HBAR Foundation to make this feat possible.

Following last year’s successful tokenization of abrdn’s MMFs on the Hedera blockchain, this milestone reflects that achievement. This move is even more significant in the crypto sector because abrdn is the largest active asset manager in the UK.

Hedera (HBAR) experienced a strong undercurrent as a result of this development. The daily trade volumes for HBAR have reached an all-time high of $2.3 billion, an increase of 5440%. By the way, the price of Hedera (HBAR) has gone beyond $0.15 for the first time in two years. The rise has the potential to reach new heights if the bulls maintain their current level of momentum.

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What’s Next for the HBAR Price?

A rising tide may lift all boats for the HBAR price, as the Relative Strength Index (RSI) is in harmony with the optimistic forecast.

After reaching an intraday high of $0.1817, HBAR has the ability to continue rising, with the goal of reaching psychological milestones like $0.2000 or even $0.3000 in a very bullish scenario. But this course of action is dependent on HBAR bulls not getting greedy.

The altcoin’s value may fall, on the other hand, if profit-booking activity spikes. It is worth mentioning that there is likely to be a lot of selling pressure around the $0.1096 mark, as there is a strong presence of sellers shown by the heightened white-shaded volume profiles.

If the price drops below $0.1038, which is the 21-day Smooth Moving Average (SMMA), the bullish story would be called into question. If this happens, HBAR might fall and find support near the $0.0815 mark.

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