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The Hedera network has grown to a vibrant multi-chain Web3 ecosystem with over $53 million locked in the dozens of DeFi projects.
Key Notes
The likelihood of the US SEC approving the Canary HBAR ETF remains high with the new US administration led by Donald Trump.Hedera price has been forming a potential reversal pattern in the recent past amid the rising demand for digital assets.Hedera HBAR $0.0580 24h volatility: 7.0% Market cap: $2.18 B Vol. 24h: $648.11 M , a fast-growing layer-one (L1) blockchain focused on enabling the democratization of decentralized applications, has signaled a potential bullish breakout ahead. As the large-cap altcoins led by Ethereum ETH $3 194 24h volatility: 1.3% Market cap: $384.70 B Vol. 24h: $38.14 B , Dogecoin DOGE $0.39 24h volatility: 8.7% Market cap: $57.67 B Vol. 24h: $32.02 B , and Solana SOL $209.5 24h volatility: 1.2% Market cap: $98.66 B Vol. 24h: $10.96 B continue to benefit from the ongoing cryptocurrency cash rotation, HBAR price is more than ready for a market reversal.
According to the latest market data, the mid-cap altcoin, with a fully diluted valuation of about $2.86 billion, registered a 200 percent spike in daily average traded volume to hover about $651 million at the time of this report. In the past two weeks, HBAR price has risen over 17 percent to trade at about $0.05719 on Wednesday, November 13, during the early New York session.
From a technical analysis standpoint, HBAR price is on the cusp of a market reversal after being trapped in a falling trend since April this year.
In the weekly time frame, HBAR price has been forming a potential double bottom coupled with a rising divergence on the Relative Strength Index (RSI). As a result, HBAR price is currently aiming for the next major target of about 14 cents, which coincides with the weekly 200 Moving Average (MA).
#Hedera | #Altcoins ✴️ Hedera: Early Or Late? 2,000 – 3,000% Growth Potential
With a growth potential that goes beyond 2,000%, we can never say that it is too late, can we? Think about it…
Good evening my fellow trader; another day, another publication, another Altcoin,… pic.twitter.com/KoxMiQ9h6T
— Alan Santana (@lamatrades1111) November 12, 2024
Top Reasons to Consider Hedera (HBAR) Ahead
The Hedera network recently received a major boost after investment firm Canary Capital filed with the United States Securities and Exchange Commission (SEC) to list and trade shares of a spot HBAR ETF. The investment firm submitted a Form-1 registration with the US SEC to allow investors to tap the Hedera network through its shares.
The possibility of the US SEC approving the Canary HBAR ETF as the new administration, led by Donald Trump, signals clear crypto regulations ahead. Already, Canary Capital has filed with the US SEC for other similar products including Solana (SOL), and Ripple Labs-backed XRP XRP $0.68 24h volatility: 6.4% Market cap: $39.02 B Vol. 24h: $10.48 B .
The Hedera network continues to attract the attention of institutional investors, mostly seeking to tokenize real-world assets ahead. Moreover, the Hedera network has a high throughput to support mainstream adoption at an average cost of $0.0001 per transaction.
As of this report, the Hedera mainnet takes pride in more than 6.9 million accounts created since its inception. The Hedera governing council consists of reputable Web3 and Web2 companies led by Boeing, Chainlink Labs, Dell Technologies, BitGo, LG, Standard Bank, and TATA Communications among many others.
As Coinspeaker recently reported, the Hedera governing council joined hands with the Nairobi Securities Exchange to help tokenize real-world assets including the stock market.
With the continued adoption by institutional investors, HBAR price is well positioned to rally parabolically ahead akin to the 2021 rally.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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