Hedera, a proof-of-stake platform, wasn’t spared from aggressive bears in early October. After HBAR, its native token, floated higher in September, the rejection of bulls in early October resulted in a double top.
Overall, there is optimism that bulls will resume and push prices to new Q4 2024 highs. The pace of this growth will depend on how the market performs and whether fundamental factors around the project will prop up buyers.
Will HBAR Rise By At Least 30X?
While there are cracks in the HBAR price action, considering the dump from April highs of around $0.18, one analyst on X thinks the token is set for major gains.
From his assessment, Hedera can easily score 30X in the coming sessions, mirroring the gains posted by Cardano in the last cycle. Then, ADA soared by over 170X. If HBAR is to follow the same path, the token can easily soar to $6, over 60X from its 2024 highs.
Presently, technical candlestick arrangements favor sellers. After the rally to $0.18 in April 2024, HBAR has been falling. To put the numbers into perspective, the token is down 70% but is stable after finding support in August and September.
The local resistance is the double top at around September highs. If prices break above this liquidation zone, HBAR bulls could embark on the journey to drive the coin to $0.18. In effect, this will resume the uptrend set in motion in Q1 2024 and early Q2 2024.
Hedera Fundamentals Key To Driving Growth
There are fundamental factors to consider that may propel HBAR, helping the token shake off weaknesses. Early this month, Canary Capital released the first United States HBAR Trust.
Like Grayscale products, including the ETHE and GBTC, the HBAR Trust allows institutional investors to gain exposure to HBAR. Accordingly, this could drive demand, lifting prices.
In September, Hedera launched the Asset Tokenization studio. Through this solution, the network would be at the forefront of driving the tokenization of real-world assets (RWAs) while adhering to existing laws.
Already, BlackRock, one of the world’s largest asset managers, believes tokenization will rapidly grow in the coming years, managing trillions. According to rwa.xyz, over $12.7 billion worth of RWAs has been tokenized. Additionally, there is interest.
In the last month alone, the number of RWA holders rose to 68,929, a 4% increase. Most of these assets are tokenized on Ethereum and Stellar.
Feature image from DALLE, chart from TradingView