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- Hedera has been highlighted as one of the notable institution-focused distributed ledger technologies with incredible use cases.
- An analyst has spotted the formation of a golden cross, which could soon send HBAR to $1.
Hedera (HBAR) has been impressive so far, as it prints a staggering 669% surge on its monthly price chart and a 139% surge on its weekly price chart. At press time, the asset was trading at $0.329. However, its 24-hour trading volume has declined by 36%, with $4.6 billion changing hands.
Subjecting Hedera to critical analysis, crypto, and stock rating platform, Weiss Crypto has pointed out that the asset is backed by efficient technology and an evolving ecosystem that makes it exceptional amid competitors.
Firstly, Weiss Crypto highlighted that Hedera is one of the most “notable institution-focused distributed ledger technologies. According to the post, Hedera’s governing council is made up of 32 major financial institutions, including IBM (IBM), Google, Dell (DELL), Boeing (BA), and Deutsche Telekom.
On the blockchain, the platform explained that Hedera’s network is permissioned, unlike the permissionless blockchains. This implies that it only facilitates the approval of entities that can become nodes. Additionally, this makes it a perfect match for Real-World Asset (RWA) use cases. The post also highlighted its active involvement in asset tokenization.
Hedera is actively involved in tokenizing assets like commercial real estate, securities, carbon credits, and even diamonds. Through these applications, Hedera is positioning itself as one of the leading players in the adoption of blockchain technology for institutional use.
More About Hedera (HBAR)
Hedera is strengthening its position in the Web3 ecosystem by sealing jaw-dropping partnerships and introducing cutting-edge solutions. Recently, NoviqTech strengthened its partnership with Hedera by acquiring an additional 490,622 HBAR tokens for $150,000, increasing its holdings to 1.5 million.
According to NoviqTech’s Chief Executive Officer (CEO) Freddy El Turk, Hedera has extensively contributed to the success of its Carbon Central environmental monitoring platform.
Our growing investment in Hedera is a clear testament to our belief in its transformative potential. Hedera provides the perfect platform to power Carbon Central’s mission of delivering unparalleled transparency and efficiency in ESG compliance and traceability and we look forward to deepening this partnership as we continue to invest in its ecosystem and align our innovative solutions with its cutting-edge technology.
Recently, CNF reported that Hedera has been integrated into the Federal Reserve’s FedNow payment platform via Dropp. As we disclosed, it would facilitate real-time payment with increased security and efficiency.
Ripple has also partnered with Hedera for USD transactions. However, Ripple is waiting for regulatory approval to launch its stablecoin RLUSD. Also, there has been growing optimism around the spot HBAR Exchange Traded Fund (ETF) filed by Canary Capital to the U.S. Securities and Exchange Commission (SEC). With the SEC chair Gary Gensler stepping down, this product could be approved and send the price skyrocketing.
According to analysts, HBAR is currently forming a golden cross pattern as its 50-day (SMA 50) trends above the 200-day (SMA 200) simple moving averages. A validation of this thesis could see the asset hitting $1.