Following BlackRock’s announcement on April 13, Hedera’s native cryptocurrency HBAR surged 100% to $0.18, currently trading at $0.13, driven by BlackRock’s plan to tokenize its money market fund on the Hedera Blockchain.
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This move, facilitated by Archax, a London-based digital asset firm, and Ownera, marks a milestone in real-world asset tokenization. Last year, abrdn, the UK’s top wealth manager, also tokenized funds on Hedera.
HBAR’s trading volumes skyrocketed by 6082% to $2.5 billion, pushing its price past $0.15 for the first time in two years. The Relative Strength Index (RSI) suggests further upside potential, aiming for levels like $0.20 or $0.30.
However, profit-taking could trigger corrections, especially around $0.1096. Breaching the 21-day moving average at $0.1038 might lead to a decline toward $0.0815 support.
An increase in HBAR’s price and trading volumes due to BlackRock’s tokenization plans on Hedera shows mass appeal for blockchain-based asset management, but this may face downturns if profit-taking occurs near key support levels.
Also Read: BlackRock Tokenized Fund BUIDL Receives $160M in Debut Week
