Will HBAR Skyrocket Amid Recent Achievement, Development, & Hype?

• 1 Coinglass data shows an increase in open interest for HBAR, indicating a bullish trend with more short and long positions.
• 2 A week ago, Hedera (HBAR) faced volatility due to false news about BlackRock tokenizing assets on the platform.

The Hedera (HBAR) crypto is rebounding along with the broader crypto market and has shown significant upside in recent sessions. Moreover, according to the tweet on the X platform from HBAR Foundation, the Hedera network has officially processed over 50 billion mainnet transactions since its launch.

In the tweet, they thanked their ever-growing community of enterprises, developers, and HBAR users, and they said that this community has made Hedera’s momentous achievement a reality.

The #Hedera network has officially processed over 50 billion mainnet transactions since its launch.

As always, a huge thank you to our incredible, ever-growing community of enterprises, developers, and users who have made this momentous achievement into a reality. #HelloFuture pic.twitter.com/qb5ekBVA5d

— Hedera (@hedera) May 6, 2024

Tweet By HBAR Foundation | By X Platform

Shinhan Bank Finishes Initial Pilot Phase

Shinhan Bank’s pilot phase, a continuation of its Proof-of-Concept with Standard Bank, focuses on stablecoin international remittances. Using Ethereum Virtual Machine (EVM), the PoC offers scalability through Hedera Token Service and flexibility through EVM issuers.

In a test environment, the pilot achieved real-time settlement and FX rate integration for KRW, THB, and NTD with collaboration from SCB TechX. The launch of KWR on the Hedera network addresses issues in legacy systems, such as slow processing times and high transaction fees.

Leveraging the Stablecoin Studio, Shinhan Bank, South Korea’s oldest bank, developed the South Korean won (KRW) as an #RWA on the @Hedera network 🇰🇷

This pilot was a continuation of an earlier PoC with Hedera Governing Council member and Africa’s largest bank – @SBGroup 🧵 pic.twitter.com/gY3muq8W9A

— HBAR Foundation (@HBAR_foundation) May 2, 2024

Tweet By HBAR Foundation | By X Platform

With its technical capabilities, Hedera provides Shinhan Bank with a competitive advantage in secure and scalable infrastructure. As South Korea’s oldest bank, Shinhan Bank is known for innovative services, including real-name cash-to-crypto trading accounts.

OI And Liquidation Analysis

According to Coinglass, open interest for Hedera (HBAR) is $78.31 Million, up 12.92% from the previous session. The 24-hour long/short ratio is 0.9708, meaning there are more short and long positions.

Similarly, the total number of short positions opened in the last 24 hours was $160.87 K, and long positions opened in HBAR were $130.41 K.

HBAR Total Liquidations Chart | By Coinglass.com

These metrics highlight that the HBAR crypto token is beginning to get bullish, and these values verify the recent pump in the price. The OI shows that the number of open contracts in Hedera was increasing, and liquidation on the short side was greater, predicting the price to rise more.

HBAR Futures Open Interest | By Coinglass.com

Hedera (HBAR) Could Surge Amid Recent Hype Of Tokenization

A week ago, HBAR experienced unstable price movement following a perplexing statement by the Hedera Foundation hinting that BlackRock tokenized assets on the platform. The price of Hedera (HBAR) saw a sudden increase due to false news, but it reverted to normal after the issue was cleared up in the following days.

We wanted to provide some clarification surrounding Tuesday's announcement:

The @ArchaxEx team, in partnership with @OwneraIO, has tokenized its shares of the @BlackRock ICS US Treasury MMF and selected @Hedera.https://t.co/574NfPdc1P

— HBAR Foundation (@HBAR_foundation) April 25, 2024

Tweet By HBAR Foundation | By X Platform

Hedera (HBAR) experienced a significant price downturn following the event, but trading volume surged for the coin, indicating a rise in interest in the platform’s services. The network is touted as an excellent option for tokenized funds and other real-world assets, securing a position as this market segment experiences growth.

The current trading price of HBAR is $0.11835, showing a 7.29% intraday increase. This week, it showed strong performance with a 14.00% increase in its price. If the price keeps rising due to bullish influence, it could reach targets such as $0.14000 and $0.16000. Conversely, should the price dip under $0.10000, it could get lower points.

HBAR Price Outlook | By TradingView

The MACD and RSI are displaying a bullish trend on the daily chart, indicating support for the price increase. At the same time, the MACD is positioned above the zero line at a level of 0.00262, while the RSI is trending upwards above the midline at 57.77.

Summary

Hedera (HBAR) crypto is showing a significant rebound in line with the overall crypto market. Thanks to its growing community, the Hedera network has processed over 50 billion transactions.

Additionally, Shinhan Bank’s pilot program focuses on stablecoin remittances with the help of Hedera’s Token Service. The bank benefits from Hedera’s technical capabilities for secure and scalable infrastructure. Coinglass data shows an increase in open interest for HBAR, indicating a bullish trend with more short than long positions.

Hedera (HBAR) faced volatility a week ago due to false news about BlackRock tokenizing assets on the platform. Moreover, Indicators like MACD and RSI show a bullish trend, suggesting potential price targets of $0.14000 and $0.16000 if bullish momentum continues.

Technical Levels

Support Levels: $0.10000

Resistance Levels: $0.14000

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.