Hedera (HBAR) Price Jumps 100% In A Day Following BlackRock Development

HBAR, the native cryptocurrency of Hedera Hashgraph, surged by a staggering 100% all the way to $0.18. On Tuesday, April 13, financial giant BlackRock announced that it would leverage the Hedera Blockchain to tokenize its money market fund. This provided a strong undercurrent for the HBAR price to rally breaking above previous April highs.

BlackRock Triggers Hedera (HBAR) Price Rally

In a groundbreaking development for the real-world assets (RWAs) sector, Archax, a digital asset exchange, broker, and custodian based in London, has tokenized the 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 assets platform.

The milestone mirrors abrdn’s successful tokenization of its MMFs on the Hedera blockchain last year. abrdn stands as the largest active wealth manager in the UK, further emphasizing the significance of this move in the crypto world.

Well, this development was enough to create a strong undercurrent for Hedera (HBAR). The daily trading volumes for HBAR have skyrocketed by a staggering 5440% all the way to $2.3 billion. Also, it is the first time in two years that the Hedera (HBAR) price has surged all the way past $0.15. If the bulls continue to hold this momentum, we could be seeing the rally to continue to its all-time high levels.

HBAR Price Action Ahead

The Relative Strength Index (RSI) aligns with the bullish outlook, indicating a growing momentum that may propel the HBAR price upward.

Given the potential for further increases, following its intraday peak at $0.1817, HBAR could ascend higher, aiming for psychological milestones such as $0.2000 or even $0.3000 in an exceptionally bullish scenario. However, this trajectory hinges on the restraint of profit-taking tendencies among HBAR bulls.

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

Conversely, a surge in profit-booking could lead to a decline in the altcoin’s price. Notably, significant selling pressure is also likely around the $0.1096 mark, where heightened white-shaded volume profiles indicate a substantial seller presence.

A breach below the 21-day Smooth Moving Average (SMMA) at $0.1038 would challenge the bullish narrative. Such a scenario might prompt a downward trajectory for HBAR, seeking support around the $0.0815 level