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The Hedera price plummeted 34% in the last 24 hours to trade at $0.1132 as of 00:15 a.m. EST on trading volume that dropped 13% to $1.9 billion.
This comes after BlackRock confirmed that it has ‘no commercial relationship’ with Hedera and that it did not choose the Hedera Hashgraph to tokenize any BlackRock funds, which include shares of its $22 billion money market fund.
On Tuesday, Hedera announced that blockchain firms Archax and Ownera tokenized BlackRock’s ICS U.S. Treasury Fund on Hedera. The Hedera token, HBAR rallied 100% after that announcement.
Today we witness #RWA history as @BlackRock’s ICS US Treasury money market fund (MMF) is tokenized on @Hedera with @ArchaxEx and @OwneraIO, marking a major milestone in asset management by bringing the world’s largest asset manager on-chain 🏦 pic.twitter.com/1Kye8cjAJx
— HBAR Foundation (@HBAR_foundation) April 23, 2024
Many misinterpreted the post to suggest BlackRock played an active role in the tokenization effort. However, BlackRock was keen to refute the claims, stating that it did not select Hedera to tokenize any BlackRock funds.
Hedera Price To Soar Even Higher Over The Consolidation Channel
The Hedera price was in a consolidation phase from the end of February to the whole of March, trading within the $0.10 and $0.14 range. However, in April, HBAR has been on a downward trend, leading to a retreat by the bulls to the $0.07 level.
The support of around $0.07 allowed the bulls and the bears to fight for dominance and a breakout. The bulls seem to have won the struggle, pushing the price over the consolidation channel as they aim to sustain their bullish stance.
HBAR also trades above the 50-day and 200-day Simple Moving Averages (SMA), which still indicates that the price has the potential for further upside.
Additionally, the reading on the Relative Strength Index (RSI) coincides with the price decrease, as the RSI drops from the overbought region to trade within the 50-midline level at 51. If the bulls are able to sustain the bullish momentum in the long term, the RSI could rebound, further boosting the bullish sentiments.
Hedera Price Prediction
The Hedera price analysis shows a bullish bias, with HBAR crossing over the consolidation channel to the upside. With the current price movements, HBAR bulls are targeting prices over $0.16.
However, the 50-day SMA crosses below the 200-day, forming a death cross at $0.115. A death cross often indicates a bearish trend, which could push the price down. In such a scenario, bears could take charge of the price, driving the price down to the support zone of around $0.08 and acting as a cushion against downward pressure.
Meanwhile, investors are also piling into Slothana, a sloth-themed token that’s gearing up for its launch after blasting past $15 million in its presale.
Slothana Presale Ends Soon – Last Chance To Buy Before Exchange Listings
In recent months, Solana meme coins like Slerf, DogWifHat, and Bonk have often outpaced the gains posted by other meme coins like Floki, Pepe, and Shiba Inu on other blockchains
The successes helped drive Slothana’s (SLOTH) $15 million presale as investors piled into the network’s next potentially viral meme coin amid a tidal wave of FOMO.
🚀 Hold onto your branches, Slothana faithful! 🌿 We're gearing up to drop some major news: the official launch date is on the horizon! ⏰ Get ready to mark your calendars and set your alarms, because a countdown timer will soon grace our site. Let the hype for the Slothana…
— Slothana (@SlothanaCoin) April 14, 2024
Slothana draws its inspiration from popular Solana meme coins such as $SLERF, $PUMP, $PUNDU, and $BOME, which pioneered a new way of launching on Solana.
This new method does not involve any price stages, timers, or hardcaps. Investors can either send SOL to the project’s wallet address or visit the Slothana website, connect their wallet, and make a direct purchase. Tokens will be airdropped to investors at the end of the presale.
🚀 Exciting news for our lazy sloth community! Our airdrop is being prepped for launch, which means the presale is wrapping up soon. ⏳ With Solana congestion expected to end in the coming days, now's the time to join the holy Slothana army!🌿💸 #SlothanaAirdrop #PresaleEnding
— Slothana (@SlothanaCoin) April 12, 2024
According to Cryptonews, a prominent crypto channel on YouTube, Slothana has the potential to surge 10X after launch.
The presale ends in less than four days, with the developer now offering a last chance to buy.
🌿📜 And on the eleventh day before the grand unveiling, Slothana spoke unto its disciples, saying: 'Behold, the countdown draws ever nearer to its end.' 🚀 Let us remain steadfast in our slothful anticipation, for soon shall come the epoch of Slothana's glory. 🦥💫… pic.twitter.com/i88c7aDdv6
— Slothana (@SlothanaCoin) April 18, 2024
To participate in the presale, buy $SLOTH on the official website here. For every 1 SOL sent to the address, you will receive 10,000 $SLOTH.
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