HBAR, the native cryptocurrency of Hedera Hashgraph, rose as high as $0.18, a staggering 100% increase. On Tuesday, April 13, financial giant BlackRock announced that it will leverage the Hedera Blockchain to tokenize its money market fund. This provided a strong undercurrent for the HBAR price to rise above the previous April highs. The altcoin, in particular, has increased by 100 percent.
BlackRock Hedera (HBAR) triggered altcoin rally
In a groundbreaking development for the real-world assets (RWAs) industry, Archax, a London-based cryptoasset exchange, broker and custodian, has tokenized the BlackRock ICS US Treasury money market fund (MMF) on the Hedera (HBAR) Blockchain. This achievement was made possible thanks to the collaboration between Archax, HBAR Foundation and Ownera, an institutional-grade digital asset platform.
This milestone reflects abrdn’s successful tokenization of its MMFs on the Hedera blockchain last year. abrdn stands as the largest active asset manager in the UK, further emphasizing the importance of this move in the crypto world. This development was enough to create a strong undercurrent for Hedera (HBAR). Daily trading volumes for HBAR increased by a staggering 5440% to $2.3 billion. Additionally, Hedera (HBAR) price exceeded $0.15 for the first time in the last two years. According to experts, if the bulls continue to maintain this momentum, we could see the rally continue to all-time highs. Altcoin has increased by over 90 percent in the last 7 days.
HBAR price movement: What will happen?
The Relative Strength Index (RSI) is consistent with the bullish outlook and indicates increasing momentum that could push the HBAR price upwards. According to analysts, given the potential for further upside, after the intraday top of $0.1817, HBAR could move higher, targeting psychological milestones like $0.2000 or even $0.3000 in an exceptional bullish scenario. However, this trajectory depends on restricting profit-taking tendencies among HBAR bulls.
Conversely, an increase in profit booking could lead to a decline in the altcoin price. In particular, significant selling pressure is also likely near $0.1096, where higher white-shaded volume profiles indicate a significant seller presence. A break below the twenty-one-day moving average at $0.1038 would challenge the bullish narrative. Such a scenario could lead to a downside trajectory for HBAR and it could seek support near the $0.0815 level.
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