As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull and bear runs. However, the current market dynamics present an intriguing opportunity that I can’t help but notice – Hedera (HBAR).
Hedera
HBAR
$0.0588
24h volatility:
8.2%
Market cap:
$2.19 B
Vol. 24h:
$651.73 M
, a fast-growing layer-one (L1) blockchain focused on enabling the democratization of decentralized applications, has signaled a potential bullish breakout ahead. As the large-cap altcoins led by Ethereum
ETH
$3 217
24h volatility:
0.5%
Market cap:
$386.56 B
Vol. 24h:
$47.06 B
, Dogecoin
DOGE
$0.40
24h volatility:
10.9%
Market cap:
$57.77 B
Vol. 24h:
$32.16 B
, and Solana
SOL
$212.9
24h volatility:
2.5%
Market cap:
$99.33 B
Vol. 24h:
$11.31 B
continue to benefit from the ongoing cryptocurrency cash rotation, HBAR price is more than ready for a market reversal.
Based on recent market statistics, a mid-sized altcoin, valued around $2.86 billion in total, experienced a significant increase of approximately 200% in its daily average trading volume, peaking at roughly $651 million when this report was written. Over the past two weeks, the price of HBAR has climbed more than 17%, reaching about $0.05719 on Wednesday, November 13, during early trading hours in New York.
Looking at the technical aspects, it seems like the HBAR price might be about to undergo a shift in direction, having been stuck in a downward trend since April this year.
On a weekly basis, the price of HBAR appears to be shaping a possible double bottom pattern. This formation is accompanied by an increasing divergence on the Relative Strength Index (RSI), indicating growing buying pressure. Consequently, the HBAR price seems to be heading towards the next significant level around 14 cents. Remarkably, this potential target aligns with the weekly 200 Moving Average (MA).
#Hedera | #Altcoins ✴️ Hedera: Early Or Late? 2,000 – 3,000% Growth Potential
Given its exponential expansion capacity exceeding 2,000 times, isn’t it always premature to rule out further development, wouldn’t you agree? Let’s ponder on this…
Good evening my fellow trader; another day, another publication, another Altcoin,…
— Alan Santana (@lamatrades1111) November 12, 2024
Top Reasons to Consider Hedera (HBAR) Ahead
As a crypto investor, I’m excited about the recent development in the Hedera network. Canary Capital has taken a significant step by filing with the U.S. Securities and Exchange Commission (SEC) for a spot HBAR exchange-traded fund (ETF). Essentially, they’ve submitted a Form-1 registration to make it possible for me and other investors to invest in the Hedera network indirectly through trading these shares. This could potentially increase liquidity and accessibility to the Hedera network for a broader range of investors.
If the US Securities and Exchange Commission (SEC) approves the Canary HBAR ETF under the new Trump administration, it indicates a clear path for crypto regulations. Notably, Canary Capital has also submitted applications with the SEC for other cryptocurrencies such as Solana (SOL) and XRP, which is backed by Ripple Labs.
1) The Hedera platform remains captivating for institutional investors, primarily interested in tokenizing real-life possessions. Furthermore, the Hedera network offers a substantial processing capacity, making it suitable for widespread use with an average transaction fee of just 0.0001 dollars.
According to the latest data, the Hedera mainnet boasts over 6.9 million accounts created since it began operations. The Hedera Council, which oversees its management, is made up of well-respected companies from both Web3 and Web2 sectors, including Boeing, Chainlink Labs, Dell Technologies, BitGo, LG, Standard Bank, TATA Communications, and numerous others.
According to a recent report by Coinspeaker, the Hedera Governing Council has partnered with the Nairobi Securities Exchange for the purpose of tokenizing real-world assets such as stocks.
As a crypto investor, I’m confidently anticipating a significant surge in HBAR price, given the increasing institutional interest. This potential upward trend might mirror the spectacular rise we witnessed in 2021.
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2024-11-13 16:51