Hedera (HBAR) stole the limelight by becoming the highest earning cryptocurrency in the last 24 hours. As investors eagerly gathered, the price of the token showed a roller-coaster ride of volatility. While optimism encourages the expectation of a price rally, caution is advised as HBAR’s Bollinger Bands cast a shadow of uncertainty in the near future.
At the time of writing, the price of HBAR was recorded at $0.071 according to CoinGecko, showing an 8.1% rally in the last 24 hours. Remarkably, the token has experienced a seven-day surge of 21.3%, highlighting its importance in recent market performance.
Hedera price action today. Source: Coingecko
Hedera Price Roller-Coaster And Its Indicators
The token’s recent performance has shown its stability amid market dynamics, but investors should be prepared for its volatile nature. Bollinger Bands, a widely used technical analysis tool, serves as a flashing signal of ongoing turmoil in the HBAR.
A price analysis noted that the token is currently trading above the upper band of the indicator, which means a potential overbought situation. In addition, the striking disparity between the upper and lower bands highlights the prevailing high volatility. This difference warns of an impending correction, highlighting the capricious nature of HBAR’s market behavior.
— HBAR Foundation (@HBAR_foundation) August 14, 2023
The surge in the value of HBAR can be attributed to a significant development in the coin ecosystem. News of the United States Federal Reserve’s endorsement of the FedNow payment system, which integrated support for Dropp—a micropayment platform built by Hedera Network—undoubtedly drives the value of HBAR.
This latest endorsement follows a series of positive steps for Hedera. Last week, the network reinforced its commitment to a “blockchain-powered future” by becomes part of Blockchain for Europe.
HBAR market cap currently at $2.3 billion. Chart: TradingView.com
Hedera Transactions, User Base Increase
Amid market turmoil, Hedera’s achievements continue to highlight his prowess. The recent celebration of processing 17 billion transactions on its blockchain stands as a testament to its efficiency and scalability.
Source: Arkhia Metrics
Data from Arkhia revealed that total transactions now stand at an impressive 17.5 billion. Additionally, the network boasts an expanding user base, with 3.1 million accounts created at press time. These milestones not only reflect the growth of the network but also highlight its potential as a key player in the blockchain space.
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Featured image from The Daily Hodl