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- HBAR bulls make a strong comeback, pushing out of short-term range.<\/em><\/li>\n
- Hedera benefits after the Federal Reserve announced it will be using Dropp for FedNow.<\/em><\/li>\n<\/ul>\n
Hedera\u2019s<\/a> native cryptocurrency HBAR is among the cryptocurrencies to watch this week judging by its impressive bullish start this week. So, let\u2019s take a look at HBAR\u2019s recent performance<\/a> and the reasons behind its sudden shift.<\/p>\n
\nIs your portfolio green? Check out the Hedera Profit Calculator<\/a><\/p>\n
\nWe previously observed that HBAR traded in a short-term ascending price pattern restricted within ascending support and resistance lines. Furthermore, HBAR closed the previous week\u2019s session with some downside, raising expectations that it would end up retesting its support. However, things turned out differently as the cryptocurrency kicked off this week with a strong rally.<\/p>\n
HBAR exchanged hands at $0.073 at the time of writing. This means it was up by roughly 33% in the last three days, thus breaking out of its previous short-term range.<\/p>\n
![\"HBAR](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/HBARUSD_2023-08-15_14-03-03.png\")
<\/a><\/p>\nSource: TradingView<\/p>\n<\/div>\n
HBAR\u2019s Relative Strength Index (RSI) was also deeply overbought with a slight downside from its latest peak, signaling some selling pressure. But so far the price has been holding up well in the current levels. So, what is the reason behind this rally?<\/p>\n
An interesting twist in Hedera\u2019s journey<\/strong><\/h4>\n
The bullish momentum started after an announcement that the U.S. Federal Reserve will start using a micro payments solution called Dropp. The most notable thing here is that Dropp is built on the Hedera blockchain.<\/p>\n
\n
Today, @droppcc<\/a>, the micropayments solution built on @Hedera<\/a> and fuelled by #HBAR<\/a>, was showcased as a service provider for FedNow, the instant payment service developed by the @federalreserve<\/a> \ud83c\uddfa\ud83c\uddf8<\/p>\n
Catch up with @SushilDropp<\/a> (CEO, Dropp) as he explains the #Hedera<\/a> integration: pic.twitter.com\/4HbZqlwghl<\/a><\/p>\n
\u2014 HBAR Foundation (@HBAR_foundation) August 14, 2023<\/a><\/p>\n<\/blockquote>\n
The world is currently monitoring the U.S. government\u2019s digital dollar rollout. The blockchain networks that will support those efforts are expected to secure robust utility and hence growth. This would explain the excitement around Hedera\u2019s recently revealed involvement with FedNow and the surge in demand for HBAR.<\/p>\n
The excitement fueled a strong surge in Hedera and HBAR\u2019s social volume<\/a> in the last two days. This was accompanied by a spike in the weighted sentiment as investors quickly shifted their expectations in favor of the bulls.<\/p>\n
![\"Hedera](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"Hedera](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/Hedera-HBAR-14.49.24-15-Aug-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
Of course these findings were accompanied by a surge in bullish volumes, thus the robust rally. But just how much of an impact did this rally cause? Well, Hedera had a $1.84 billion marketcap on 13 August before the sudden bullish surge. Its marketcap recently surged past the $2.4 billion mark, which means its marketcap grew by over $500 million within the last 3 days.<\/p>\n
![\"Hedera](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/08\/Hedera-HBAR-14.56.09-15-Aug-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
\nHow many are 1,10,100 HBARs worth today<\/a><\/p>\n
\nSuch impressive growth in marketcap especially in a short timeframe reflects the return of confidence in HBAR\u2019s prospects. Hedera\u2019s involvement in the U.S. government\u2019s FedNow program could pave the way for more organic growth demand for the Hedera network<\/a>.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
HBAR bulls make a strong comeback, pushing out of short-term range. Hedera benefits after the Federal Reserve announced it will be using Dropp for FedNow. Hedera\u2019s native cryptocurrency HBAR is among the cryptocurrencies to watch this week judging by its impressive bullish start this week. So, let\u2019s take a look at HBAR\u2019s recent performance and […]<\/p>\n","protected":false},"author":2,"featured_media":137698,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-137697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=137697"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137697\/revisions"}],"predecessor-version":[{"id":148335,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137697\/revisions\/148335"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/137698"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=137697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=137697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=137697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
- Hedera benefits after the Federal Reserve announced it will be using Dropp for FedNow.<\/em><\/li>\n<\/ul>\n