Hedera Hashgraph‘s main network asset HBAR reached $0.18, reflecting a significant 100% increase. This price surge followed the announcement on April 13 by asset management giant BlackRock, which revealed its intention to use the Hedera Blockchain to tokenize its money market fund. This major development served as a catalyst for the altcoin’s price increase, pushing it to the highest level of April.
HBAR’s Rise
The groundbreaking move to tokenize real-world assets (RWAs) was facilitated by a collaboration between the Hedera Foundation and Ownera, a corporate-level cryptocurrency platform, along with Archax, a London-based cryptocurrency exchange, broker, and custodian. This success reflects a similar success story from last year when the UK’s largest active asset manager, abrdn, tokenized MMFs on the Hedera Blockchain, highlighting the growing adoption of Blockchain technology in the finance sector.
The impact of this development was felt in the HBAR market, where the daily trading volume saw an impressive increase of 5,440%, reaching $2.3 billion. Moreover, HBAR’s price exceeded $0.15 for the first time in two years, signaling a potential rally to revisit all-time highs if the upward momentum continues.
What’s Next for the Altcoin?
Currently, technical indicators like the Relative Strength Index (RSI) suggest increasing momentum that could push HBAR’s price higher, supporting a bullish outlook. HBAR, reaching an intraday peak of $0.1817, could target psychological thresholds like $0.20 and even $0.30 in an exceptional bullish scenario. However, the trajectory of the altcoin’s price remains dependent on market participants’ behavior, particularly the tendency among bulls to take profits.
Profit-taking could lead to selling pressure on HBAR and potentially cause a price decline, especially as indicated by volume profiles with significant white shadows, suggesting substantial selling pressure around $0.1096.
In the most adverse scenario, a price drop below the twenty-one-day Smooth Moving Average (SMMA) of $0.1038 could completely disrupt the upward trend and lead to a downward movement towards the potential support level of $0.0815.
