Hedera (HBAR) Price Predicted to Hit $0.2 after Blackrock Announcement

HBAR, the native cryptocurrency of Hedera Hashgraph, surged by a staggering 100% all the way to $0.18. The rally came just weeks after global financial giant BlackRock had announced that it would leverage the Hedera Blockchain to tokenize its money market fund.

Can bulls capitalize on the positive sentiment to drive HBAR price above $0.2?

BlackRock Triggers Hedera (HBAR) Price Rally

In a groundbreaking development for the real-world assets (RWAs) sector, Archax, a digital asset exchange, broker, and custodian based in London, has tokenized the BlackRock ICS US Treasury money market fund (MMF) on the Hedera (HBAR) blockchain.

This achievement was made possible through collaboration between Archax, the HBAR Foundation, and Ownera, an institutional-grade digital assets platform.

The milestone mirrors abrdn’s successful tokenization of its MMFs on the Hedera blockchain last year. abrdn stands as the largest active wealth manager in the UK, further emphasizing the significance of this move in the crypto world.

Well, this development was enough to create a strong undercurrent for Hedera (HBAR). The daily trading volumes for HBAR have skyrocketed by a staggering 5440% all the way to $2.3 billion. Also, it is the first time in two years that the Hedera (HBAR) price has surged all the way past $0.15. If the bulls continue to hold this momentum, we could be seeing the rally to continue to its all-time high levels.

HBAR Price Forecast: Imminent Breakout Above $0.2?

Despite the 100% price breakout on April 24, the Relative Strength Index (RSI) data still indicates that there’s room for prices to rise even further. As seen below, HBAR RSI is currently trending below the 60 threshold, indicating that the market has not enter overheated territories.

Given the potential for further increases, following its intraday peak at $0.1817, HBAR could ascend higher, aiming for psychological milestones such as $0.2000 or even $0.3000 in an exceptionally bullish scenario. However, this trajectory hinges on the restraint of profit-taking tendencies among HBAR bulls.