The price of Hedera (HBAR) has experienced a significant surge, reaching $0.072648 today, indicating a remarkable 10% increase in the past 24 hours. HBAR has also shown impressive growth over the last seven days, rising by 25%, and a 42% increase within the last 30 days. The recent surge in HBAR’s price can be attributed to the addition of Dropp, a Hedera-based platform, to the list of FedNow service providers.
The integration of Dropp into FedNow has highlighted the potential of Hedera, a proof-of-stake decentralized network that utilizes hashgraph technology instead of blockchain. Due to its faster and more scalable nature, Hedera has gained attention and could continue to rise in both the short and long term.
Looking at HBAR’s chart, it is evident that the coin is currently the best-performing top-100 cryptocurrency of the week. Various indicators suggest strong momentum that is expected to continue for several more days. The relative strength index (RSI) has returned to a high level of 80, indicating the likelihood of sustained momentum. Additionally, the 30-day moving average is rising above the 200-day average, with room for further growth before becoming overbought.
It is anticipated that the support level for HBAR will rise significantly in the coming days, minimizing the possibility of a significant decline even if the current rally subsides. Despite cautiousness, HBAR is expected to experience further gains, potentially reaching $0.080 before losing steam.
The recent surge in HBAR’s price is primarily attributed to Dropp’s addition to the list of FedNow service providers. This development suggests that Dropp’s platform may be integrated into FedNow, facilitating transfers through the system. However, some argue that Dropp’s addition only designates it as a potential service provider and may not guarantee its utilization by FedNow.
Regardless, this addition demonstrates the utility of Hedera’s network and is further supported by the steady increase in its total value locked in recent weeks, which has risen by 66% since the beginning of the year. Such growth indicates the potential for further rises in HBAR’s price, with a projected year-end value of approximately $0.090.
As an alternative strategy, investors may consider diversifying into newer altcoins that have the potential for significant rallies. Presale tokens are particularly attractive in this regard, with Wall Street Memes (WSM) being one of the prominent candidates. WSM, an ERC-20 token with roots in the meme stocks movement responsible for the rallies of AMC and GameStop in 2021, has already raised close to $24 million during its presale.
WSM’s success can be attributed to its strong online community, as evidenced by its Twitter account’s substantial following of 260,000 users. This indicates potential for further growth, especially as WSM’s decentralized tokenomics allocate 50% of the coin’s maximum supply to the presale and 30% for community rewards. This incentivizes engagement and offers protection against large sell-offs.
Investors can participate in the presale by visiting the official Wall Street Memes website and connecting their software wallets. Currently priced at $0.0334 per WSM, the token’s value will rise to $0.0337 when the final stage of the sale begins in just under four days.
It is important to note that cryptocurrency investments carry high risk, and this article is for informational purposes only and should not be considered investment advice.