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Some altcoins have been positively diverging, and one of the altcoins we discussed yesterday achieved massive gains. Even as this article was being prepared, the altcoin maintained nearly a 50% daily gain in BTC parity. The rise of HBAR Coin was not without reason. Here’s a look behind the scenes of HBAR Coin’s rise and the latest predictions.
HBAR Coin Forecast
The recent rise of HBAR Coin is related to the world’s largest asset manager BlackRock’s collaboration with Archax and OwneraIO. Following this deal, BlackRock announced the tokenization of the US Treasury Money Market Fund on Hedera, marking a significant step. We had already discussed how interest in the RWA space could trigger substantial price increases in some altcoins in the long term.
The choice of Hedera’s infrastructure by traditional finance (TradFi) was a significant price catalyst and will undoubtedly have long-term consequences. The expansion of Archax’s tokenized money market fund offerings is critical for broadening institutional clients’ access.
HBAR Foundation CEO Shayne Higdon said;
“The addition of Hedera-tokenized MMF shares provided by Archax is a significant vote of confidence. Hedera’s unique speed, security, and low-cost infrastructure make it ideal for the institutional-level tokenization of real-world assets facilitated by Archax.”
HBAR Coin Price Prediction
Following the announcement, the price surged by 100%, climbing to a two-year peak of $0.18. At the time of writing, the price had fallen back to $0.128 as investors took advantage of an attractive profit-taking opportunity. However, continued announcements and growing interest in the network could likely sustain a steady rise.
Excluding stablecoins, HBAR Coin, the fourth highest volume cryptocurrency, has currently breached the $0.13, 0.5 Fibonacci support. However, the price isn’t much below this support level, and the recent drop could remain a lower wick. We will see in the coming hours.
There is strong resistance at $0.18 – $0.20, and if overcome, a rally towards an all-time high could gain momentum. However, in the opposite scenario, closures below $0.125 could lead to deeper corrections.
