Hedera Hashgraph (HBAR) has exploded following the announcement that FedNow will be integrating Hedera via the Dropp dApp, but with price rocketing up +20% – is it too late to buy Hedera?
The integration announcement comes amid a wave of project growth news from Hedera, with big names like Kia, Hyundai, and Microsoft all making significant partnerships in recent weeks.
However, the FedNow integration is particularly significant as it marks the first formal connection between Hedera and the Federal Reserve.
HBAR Price Analysis: Will HBAR Explode After Institutional Adoptions, Or is it Too Late to Buy Hedera?
In the aftermath of the huge announcement, Hedera Hashgraph is trading high at a current price of $0.0725 (representing a 24-hour change of +10.70%).
The FedNow announcement could not have come at a more perfect time in Hedera technical structure, with markets exploding +20% on August 14.
Strong footing from the 20DMA served as the perfect launchpad as HBAR undertook a critical re-test of the 200DMA.
This converged with a local support level at $0.06 to provide legs to the massive price move which has now grown to an impressive +32.14% – situated above a local support level at $0.07.
Yet, despite the exciting breakout, Hedera’s indicators could become a source of anxiety for bag holders and traders alike.
The RSI has become extremely over-heated on the upside move, displaying a worrying overbought signal at 76.24.
And even though price action has been explosive, the MACD remains moderate in its bullish divergence at 0.0013.
Upside potential could become unhinged here, if price action continues to press high beyond the $0.0785 level then Hedera will have an upside target at $0.0925 (+27.75%) – however, this could come after a period of consolidation due to the over-heated RSI.
Downside price action could be triggered by a retracement from upper trendline resistance, in this event price will likely fall to re-test new-found footing from the 200DMA at $0.06 (-17.13%).
This leaves Hedera with a risk: reward ratio of 1.62, a good entry characterised by breakout movements.
Yet, while HBAR is looking strong, many are wondering how to get ahead of seismic pumps such as the +32% FedNow move – and one project is emerging to offer a solution: Launchpad XYZ.
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.Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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