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The Hedera price skyrocketed over 90% in the past 24 hours to trade at $0.1706 as of 12:00 a.m. EST as investors rush to buy the crypto.
HBAR’s surge comes after Archax, Ownera and the HBAR Foundation enabled the first tokenization of BlackRock’s money market fund on the Hedera blockchain.
https://twitter.com/HBAR_foundation/status/1782759384742813951
The surge was caused in part by influencers on X misunderstanding the development as being driven by BlackRock.
The Hedera Price Smashes Through Resistance Levels
4-hour chart for HBAR/USDT (Source: TradingView)
The Hedera price broke above the resistance levels at $0.11261 and $0.13156. Traders are now attempting to push the altcoin’s price to above the $0.18386 barrier as well.
A 4-hour candle close above this threshold could give the crypto the foundation needed to keep rising in the following 24-48 hours. In this bullish scenario, HBAR might climb to as high as $0.25574.
On the other hand, a rejection from the $0.18386 resistance level could trigger a wave of sell pressure from traders looking to take profit. The Hedera price might be at risk of correcting down to $0.13156 as a result.
Continued sell pressure if HBAR drops to this safety net could pull the altcoin’s value below the recently-breached mark, to possibly retest the $0.11261 price point. In an extremely bearish scenario, the Hedera price might fall to as low as $0.08689 in the short term.
The Hedera Price Could Be At Risk Of A Correction
Technical indicators on HBAR’s 4-hour chart are flagging extremely bullish. Although the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators show a strong bullish presence, there are signs that the positive momentum might soon end.
Buyers have hit a wall against sellers, as signaled by the RSI line that has leveled off in overbought territory above 94. This high RSI value could be seen as a sell signal since HBAR’s downside potential is far greater than its upside potential.
The Hedera price is currently in a bullish phase, as indicated by the MACD line’s position above the MACD Signal line on the 4-hour chart. However, traders will want to keep an eye on the RSI indicator. More specifically, a narrowing gap between the RSI and its Simple Moving Average (SMA) line could be an early sign of a bearish trend reversal.
While buying activity starts to cool down on HBAR’s charts, an investor frenzy surrounding 5thScape is in full swing as the project’s presale charges towards $6 million.
Combining Emerging Fields
5thScape is a pioneering AR/VR project built on the team’s belief that tokenization will play a significant role in the virtual reality and augmented reality worlds. At the core of this revolutionary platform is the project’s native 5SCAPE token, which will serve as a utility token.
Token holders will not only be able to enjoy a seamless transactional experience on the 5thScape platform. They will also gain access to a dynamic staking pool, which is partly funded by player subscriptions and premium content purchases.
Exciting update from #5thScape! Cage Conquest, our inaugural game, is on track for its release in Q2 as planned. Our team is actively working on listing it on the meta store for beta testing 🛠️, aiming to gather crucial feedback for an enhanced experience. Get ready for an epic… pic.twitter.com/lgUIod5vCj
— 5th Scape (@5th_scape) April 22, 2024
As more people enter the 5thScape ecosystem, the rewards paid out through the staking pool will increase as well. This means that anyone who buys and stakes 5SCAPE will stand to earn more.
Empowering Gamers And Developers
Gamers and developers within the 5thScape ecosystem can also utilize the 5SCAPE token. For gamers, the crypto can be used to purchase premium content to enhance their virtual experiences on top of a fast and secure payment railway.
Meanwhile, anyone who creates games and virtual experiences on the 5thScape platform will be rewarded in 5SCAPE tokens as well.
Investors have already pumped more than $5.5 million into into 5SCAPE as they see the project is a clever play on the emerging VR/AR, blockchain gaming and tokenization fields.
Selling for $0.00327, 5SCAPE can be bought using either ETH, BNB, MATIC, USDT or bank card.
Buy 5SCAPE before a 15% price hike on its official website here.
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