Hedera's strategic partnership in RWA drive propels HBAR price upward
Unleashing Hedera's Potential: Bullish Outlook as HBAR Breaks Free from a Falling Wedge
The digital token of Hedera Hashgraph, HBAR, could be on the brink of a robust bullish surge, having shaped a remarkable falling wedge pattern.
Currently, Hedera was trading at an approximate value of $0.1882 on a Monday that wasn't too far from its peak of $0.2024 since March 12. It sits about 51% above its year's lowest point.
Hedera's response to the integration with Tokeny Solutions - an infrastructure backbone utilized by renowned entities like ABN AMRO, Crédit Agricole, and BNP Paribas - is worth mentioning. Tokeny, with over 120 clients to its name and having assisted in tokenizing over $28 billion in assets, allows institutions to swiftly bring assets onto Hedera using their white-label solutions.
Moreover, Hedera's network activity has experienced a considerable boost, with the total market cap of all stablecoins on the network noticeably soaring by nearly 40% over the past seven days. Hedera now boasts over $113 million in stablecoins, a considerable increase from $26 million in January, pointing towards an uptick in network activity.
The Bull's Advantage: A Closer Look at HBAR's Technical Analysis
Hedera Hashgraph token reached its peak of $0.4 in January, shortly dipping to $0.1240 on April 7 amidst the widespread crypto market dive.
The token then formed a falling wedge pattern - a technical formation arising when two descending and converging trendlines meet. Recently, HBAR surged past the upper limit of this wedge, a bullish indicator. Additionally, HBAR now hovers above the 50-day Exponential Moving Average and has skillfully formed a small inverse head-and-shoulders pattern.
The Awesome Oscillator has persistently remained above the zero line for four consecutive days, a significant momentous indication. This popular oscillator compares the momentum of limited timeframes with a lengthier one to evaluate the strength of price movements.
Meanwhile, the BBTrend indicator, which assesses the relationship between two sets of Bollinger Bands, has continued to climb and is close to crossing above the zero line. This suggests that HBAR will likely prolong its ascent as the bulls set their sights on the key resistance at $0.2593, the 38.2% Fibonacci retracement point.
Sources:1. Carl Runefelt Twitter2. YouTube: Carl Runefelt3. NewsBTC4. Cointelegraph5. Coinpedia
- In light of the recent bullish indicators, Bitcoin and XRP investors might want to consider diversifying their portfolios with Hedera's HBAR, as it shows promising signs of surging.
- Tron and DEX enthusiasts should also take note of Hedera's increasing network activity, as the total market cap of stablecoins on the network has soared by nearly 40% recently.
- As HBAR hovers above the 50-day Exponential Moving Average, and with a persistently positive Awesome Oscillator, the average investor might find appeal in the stablecoins trend on the Hedera network.
- Meanwhile, the BBTrend indicator, a key measure of HBAR's momentum, has been steadily climbing and is close to crossing above the zero line, pointing towards a potential continuation of its bullish run.
- The integration of Hedera's network with ICO leader Tokeny Solutions, providing white-label solutions to esteemed institutions like ABN AMRO and BNP Paribas, further supports the bullish case for HBAR.
- With the crypto market moving towards tokenization and the use of stablecoins, Hedera's technology and potential partnerships could become a significant trendline in the future of the crypto space.
