Hedera (HBAR) Price Signals Short-term Bullish Breakout amid Notable Adoption by Institutional Investors

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As a seasoned researcher with years of experience in the volatile crypto market, I find myself intrigued by the recent developments surrounding Hedera (HBAR). Having navigated through multiple bull and bear markets, I’ve learned to read between the lines and spot potential trends early.

Following a robust resistance point set above $0.047 since the August 5 crypto downturn, there are strong indications pointing towards an imminent bullish recovery for HBAR ($0.05). This mid-tier cryptocurrency, with a market valuation of approximately $1.84 billion and a daily trading volume averaging around $56.65 million, has been demonstrating signs of a potential market reversal over the past few weeks.

Looking at the technical analysis, it appears that the HBAR price may be creating a double bottom formation along with a bullish trend on the weekly Relative Strength Index (RSI). On a larger scale, the monthly chart indicates a potential head and shoulders (H&S) pattern emerging, accompanied by an uptrend in RSI. This suggests that there could be a shift in direction for HBAR price in the short term, which might occur within the next few months.

As a crypto investor, if HBAR’s price persistently dips below the current support level of roughly $0.047, it becomes crucial for us to tread carefully with this altcoin. A possible downward trend beneath $0.047 might even spur a subsequent sell-off, potentially pushing the price down towards $0.035.

Viewing things from a broader standpoint, it seems more probable that we’ll witness a shift in trend, given the approaching altseason many are eagerly awaiting. Moreover, Bitcoin‘s dominance has touched a significant psychological barrier at approximately 60%, which could provoke a turnaround, leading to the next stage of the anticipated altseason.

Top Factors Bolstering Bullish Narrative for Hedera (HBAR) Price

In recent times, the Hedera network has rapidly expanded as a thriving web3 ecosystem. Currently, it holds approximately $47 million in total value locked (TVL) and boasts a market cap of around $9.6 million for its stablecoins. Notable high-performing DeFi protocols on this network include SaucerSwap DEX, Stader, Bonzo Finance, and several others.

The Hedera network has collaborated with prominent international partners such as Tata Communications, Zain Group, IBM, Google, and LG Electronics, among others. Today, the Nairobi Securities Exchange (NSE) officially became a part of the Hedera Council in an effort to speed up the tokenization of its products using the Hedera network.

📢 We’re thrilled to share that the Nairobi Securities Exchange @NSE_PLC, which serves as Kenya’s primary securities exchange, has become a member of the Hedera Governing Council! This move is part of their dedication to digitalizing Real-World Assets (RWAs) and speeding up the tokenization process for securities within Kenya’s capital markets.

— Hedera (@hedera) October 30, 2024

Frank Mwiti, CEO of the NSE, states that close collaboration with the Hedera network will facilitate a smooth, widespread adoption of asset tokenization across the continent. This partnership is also expected to assist the exchange in establishing a long-term, secure future. Given the NSE’s substantial quarterly trading volume, the tokenization of its products could draw in more investors aiming to invest in the Kenyan market and beyond.

…”Bill Miller, co-chair of the Membership Committee for the Hedera Council, pointed out that the broad influence of the NSE offers a strong base for Hedera to support worldwide financial markets. With a market cap of around $12.65 billion, daily transactions surpassing $100 million, and 63 listed companies and securities spread across 11 industries, this is a solid foundation.

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2024-10-30 18:18