The daily trade volume for Hedera increased by a stunning 5440%, reaching a high of $2.3 billion. The HBAR price has reached a two-year high, indicating a further climb ahead.
The native cryptocurrency of Hedera Hashgraph, HBAR, increased by an astounding 100%Â to $0.18.
On Tuesday, April 13, financial giant BlackRock announced it would tokenize its money market fund using the Hedera Blockchain.
However, this provided the HBAR price with a robust undercurrent, enabling it to surpass previous April highs and surge higher.
BlackRock Boosts Hedera (HBAR) price
Archax, a London-based digital asset exchange, broker, and custodian, has tokenized the BlackRock ICS US Treasury money market fund (MMF) on the Hedera (HBAR) blockchain, an unprecedented development in the real-world assets (RWAs) sector.
Collaboration between Ownera, an institutional-grade digital assets platform, Archax, and the HBAR Foundation enabled the completion of this feat.
However, the achievement is similar to the effective tokenization of abrdn’s MMFs on the Hedera blockchain the previous year.
abrdn is the largest active wealth manager in the UK, underscoring the importance of this move in the cryptocurrency sector.
Meanwhile, this development was sufficient to give Hedera (HBAR) a substantial undercurrent.
HBAR’s daily trading volumes have increased by 5440%, reaching $2.3 billion.
Additionally, this marks the initial instance in over two years that the price of Hedera (HBAR) has surpassed $0.15.
Should the bulls maintain their current momentum, the rally may sustain itself and reach its utmost levels.
HBAR Price Action Ahead
A growing momentum may propel the HBAR price as the Relative Strength Index (RSI) follows the favorable outlook.
HBAR can surge higher after its intraday high of $0.1817, potentially reaching psychological thresholds of $0.2000 or $0.3000 under an exceptionally bullish scenario.
However, this trajectory is contingent on HBAR bulls restraining their propensity for profit-taking.
Conversely, a surge in profit-booking might result in a decrease in the price of the altcoin.
Significant selling pressure is also probable near the $0.1096 level, where increased white-shaded volume profiles signify a considerable seller presence.
Contrary to the bullish narrative, a breach below the 21-day Smooth Moving Average (SMMA) at $0.1038 would be significant.
Furthermore, this situation could cause HBAR to descend, with the search for support near the $0.0815 level.
