İstanbul escort bayan sivas escort samsun escort bayan sakarya escort Muğla escort Mersin escort Escort malatya Escort konya Kocaeli Escort Kayseri Escort izmir escort bayan hatay bayan escort antep Escort bayan eskişehir escort bayan erzurum escort bayan elazığ escort diyarbakır escort escort bayan Çanakkale Bursa Escort bayan Balıkesir escort aydın Escort Antalya Escort ankara bayan escort Adana Escort bayan

19.8 C
New York

Hedera (HBAR) Emerges As Top Gainer Of The Day: Is $1 Mark Possible?

Published:

Following a general market uptick, HBAR, the native token of the Hedera open-source network, has recorded a significant price increase as the asset emerges today’s top gainer.

Today, September 14, at 4:20 am EST, HBAR is trading at $0.05187, which indicates a 10% price increase in the last 24 hours.

Also, the trading volume is over $104m, which signifies an impressive 330% increase in the last 24 hours for the asset.

READ ALSO:Coinbase CEO Urges DeFi Firms to Take CFTC in Court Over Its Recent Enforcement Actions

Historical data from Tradingview shows that in the last seven days, HBAR is up by 5% and is down by a slight 35% in the last 14 days.

More room for Bullish Dominance on the Daily Chart

HBAR/USDT Daily Chart Source: Tradingview

As shown in the chart, HBAR is trading above its previous support zone of $0.04500, with the asset showing strength for an explosive price move into its previous resistance zone of $0.07828.

This price movement into the previous daily support zone will indicate a 52% gain for traders who buy at this zone.

Also, if HBAR fails to trade past this resistance zone, a temporary price decline could follow for the asset.

A rally to the $1 price mark will indicate about a 2500% increase for the asset, which is unrealistic. But with more network development and partnership rolling out, the asset could reach this price zone shortly.

However, with the generally positive market sentiment and recent ecosystem update on the Hedera network, market observers and traders are optimistic about a bullish price trajectory for the asset in the coming weeks.

Hedera stablecoin studio toolkit launch is already fueling a price rally

Hedera has unveiled the introduction of an open-source toolkit called “Stablecoin Studio.” This toolkit is a comprehensive solution for creating and managing stablecoins within Web3 platforms, institutional issuers, enterprises, and payment service providers.

It allows these entities to efficiently set up, issue, and oversee their unique stablecoins using Hedera Network services on the Hedera network.

This announcement was made during the Hedera Token2049 event in Singapore on September 13.

The recently introduced Stablecoin Studio is accessible to industry giants like PayPal, JPMorgan, Shinhan Bank, SCB TechX, and others, offering them the capability to construct and oversee applications.

Furthermore, the Hedera network’s built-in KYC/AML account safeguards and configurations ensure compliance with regulatory standards and bolster security.

Also, Hedera’s reliable fee structure, extensive programmability, and extensive network of ecosystem collaborators simplify the process of issuing and managing stablecoins, making it a straightforward endeavor.

These high-profile partnerships and adoption by well-established financial institutions like PayPal, Shinhan Bank, and SCB TechX can boost positive sentiment around the Hedera network, which often translates into increased investment and trading activity, which can positively impact asset prices.

Also, if these major players use the Hedera network for stablecoin issuance and management, they would likely require HBAR tokens for transaction fees and network usage. This increased demand for HBAR could drive its price upwards.

The price of HBAR has already reacted positively to this new ecosystem development, with a notable 10% price uptick in the last 24 hours.

 

 

Related articles

Recent articles

spot_img