Earlier today, the Hedera team announced that the Nairobi Securities Exchange (NSE) has joined the Hedera Council to accelerate tokenization initiatives.
After establishing a solid support level above $0.047 since the August 5 crypto crash, Hedera HBAR $0.24 24h volatility: 1.7% Market cap: $10.17 B Vol. 24h: $297.79 M price has signaled an inevitable bullish rebound ahead. The mid-cap altcoin, with a fully diluted valuation of about $2.44 billion and a daily average traded volume of around $58 million, has been forming a market reversal pattern in the past few weeks.
From a technical analysis standpoint, HBAR price has been forming a potential double bottom coupled with a bullish divergence on the weekly Relative Strength Index (RSI). In the monthly time frame, HBAR price has been forming a potential head and shoulders (H&S) pattern coupled with a rising divergence in RSI, signaling an imminent change of direction in the near term, possible in the coming months.
However, if HBAR’s price consistently falls below the current support level of around $0.047, it will be imperative for crypto traders to approach the altcoin with caution. Moreover, a potential slope below $0.047 could trigger a further selloff towards $0.035.
From a macro perspective, the former narrative of a reversal pattern has a higher likelihood as the highly anticipated altseason will potentially kick off in the coming months. Additionally, Bitcoin dominance has reached a crucial psychological resistance level of around 60 percent, whereby a reversal could trigger the next phase of altseason.
Top Factors Bolstering Bullish Narrative for Hedera (HBAR) Price
The Hedera network has emerged as a fast-growing web3 ecosystem in the recent past, with a total value locked (TVL) of about $47 million and a stablecoins market cap of around $9.6 million. Some of the top-performing DeFi protocols on the Hedera network include SaucerSwap DEX, Stader, and Bonzo Finance, among others.
The Hedera network has been working with top-tier global partners including Tata Communications, Zain Group, IBM, Google, and LG Electronics, among others. Earlier today, the Nairobi Securities Exchange (NSE) officially joined the Hedera Council in a bid to accelerate the tokenization of its products through the Hedera network.
📢 1/3 We are excited to announce that the Nairobi Securities Exchange @NSE_PLC – Kenya’s principal securities Exchange – has joined the #Hedera Governing Council as part of its commitment to digitalize #RWAs and expedite #tokenization of securities in Kenya’s capital markets.… pic.twitter.com/zUh2pAWGq2
— Hedera (@hedera) October 30, 2024
According to Frank Mwiti, the CEO of the NSE, the close collaboration with the Hedera network will enable a seamless mainstream adoption of asset tokenization in the continent, and help the exchange secure a sustainable future. With NSE boasting a huge quarterly traded volume, the tokenization of its products is set to attract more investors seeking to tap into the Kenyan market and beyond.
“..The NSE’s diverse reach provides an excellent foundation for Hedera to underpin global capital markets with a market capitalization of approximately $12.65 billion, daily transaction volumes exceeding $100 million, and 63 listed companies and securities across 11 sectors,” Bill miller, co-chair of the Membership Committee for the Hedera Council, noted.
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