With BlackRock’s MMF arriving on Hedera, the price of Hedera (HBAR) reaches a two-year high.
HBAR’s daily trading volume increased by 5440% to reach $2.3 billion.
The $0.20 crossing presents HBAR with immediate resistance and may spark a subsequent rally.
Hedera Hashgraph’s native cryptocurrency, HBAR, increased by an incredible 100%, reaching $0.18. Banking behemoth BlackRock leveraged the Hedera Blockchain and said on Tuesday, April 13, that it would tokenize its money market fund. As a result, a significant undercurrent helped the HBAR price rise and surpass earlier April highs.
BlackRock starts Hedera (HBAR) Price Rally
According to London-based Archax, a digital asset exchange, broker, and custodian, tokenizing the BlackRock ICS US Treasury money market fund (MMF) on the Hedera (HBAR) blockchain is a ground-breaking move for the real-world assets (RWAs) space.
The HBAR Foundation, Ownera, an institutional-grade digital asset platform, and Archax worked together to make this accomplishment possible.
Alright here we go. Took longer than expected and shook me out of my levered long on the way, but $HBAR is finally approaching my first major upside target at around .20.
Note this is a monthly region of resistance so it’s quite significant but it’s also the only thing standing… https://t.co/1aCnnkinHl pic.twitter.com/Dkb8cki1Cg
— CrediBULL Crypto (@CredibleCrypto) April 24, 2024
Like ABrdn’s successful tokenization of its MMFs on the Hedera blockchain last year, this milestone is also mirrored. Abrdn is the most active wealth manager in the United Kingdom, highlighting this development’s importance in cryptocurrency.
That being said, this development was sufficient to give Hedera (HBAR) a strong undercurrent. To reach $2.3 billion, the daily trade volumes for HBAR have increased by an incredible 5440%. Furthermore, this is the first time in the past two years that the price of Hedera (HBAR) has risen above $0.15. The bulls can maintain this momentum and drive the rally to all-time high levels.
Ahead in HBAR Price Action
Relative Strength Index (RSI) aligns with the optimistic outlook, suggesting increasing momentum that could drive the price of HBAR higher.
HBAR may rise higher, targeting psychological benchmarks like $0.2000 or $0.3000 in an extraordinarily optimistic scenario, given the possibility of additional gains after its intraday peak at $0.1817. But this trajectory depends on HBAR bulls controlling their inclination toward profit-taking.
On the other hand, if profit-booking increases, the altcoin’s price may drop. Significant selling pressure is also around $0.1096 since higher white-shaded volume profiles suggest a strong seller presence.
A breach below the 21-day Smooth Moving Average (SMMA) at $0.1038 would call into question the bullish thesis. This scenario could cause HBAR to decline and look for support near the $0.0815 mark.
