The financial giant's support has benefited that altcoin: it has risen by 100 percent! - Kriptokoin.com

Hedera Hashgraph's native cryptocurrency HBAR surged 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 underflow for the HBAR price to rise above the previous April's highs. altcoin, in particular, achieved an increase of 100 percent.

BlackRock Hedera (HBAR) triggers altcoin rally

In a groundbreaking development for the real-world assets (RWAs) sector, Archax, a London-based crypto asset exchange, broker, and custodian, has tokenized the BlackRock ICS U.S. Treasury money market fund (MMF) on the Hedera (HBAR) Blockchain. This success was made possible thanks to the collaboration between Archax, the HBAR Foundation, and Ownera, an enterprise-grade digital asset platform.

Alright here we go. Took longer than expected and shook me out of my levered long on the way, but $HBAR is finally approaching my first major upside target at around .20.

Note this is a monthly region of resistance so it's quite significant, but it's also the only thing standing... pic.twitter.com/Dkb8cki1Cg

— CrediBULL Crypto (@CredibleCrypto) April 24, 2024

This milestone mirrors 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%, reaching $2.3 billion. Moreover, the price of Hedera (HBAR) surpassed $0.15 for the first time in the past two years. According to experts, if the bulls continue to maintain this momentum, we could see the rally resume to new all-time highs. The altcoin has rise over 90% in the last 7 days.

HBAR price action: What's going to happen?

Relative Strength Index (RSI) is in line with the rise outlook, indicating an increasing momentum that could push the HBAR price upwards. According to analysts, given the potential for further upside, after the intraday high of $0.1817, HBAR could move higher, targeting psychological milestones such as $0.2000 or even $0.3000 in an exceptional rise scenario. However, this trajectory depends on the restraint of profit-taking tendencies among HBAR bulls.

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