With the HBAR price skyrocketing to $0.072648, marking a striking 10% increase over the past 24 hours, the exhilaration within the crypto community is palpable. Within the last month, the sole value of HBAR has seen an astronomical leap of 42%, a huge portion of which is attributed to the recent announcement of Dropp, a platform based on Hedera, joining the line-up of FedNow service providers.
Hedera’s prowess as a proof-of-stake decentralized network lies in its unwavering use of hashgraph, contrary to the popular blockchain technology, aiding in faster and more expanded operations compared to its competitors. This has the potential to push HBAR’s value up even further along the growth curve.
The relative strength index of HBAR has made an agile recovery to 80 from yesterday’s 70, hinting at the possibility of the momentum carrying on for some more time. Moreover, HBAR’s 30-day moving average continues its climb above the 200-day average, but it’s worth noting it’s still some distance from the overbought zone that could demand a correction.
HBAR’s recent rally might possibly push its support level to greater heights in the next few days, which should act as a cushion if the rally stutters. Moreover, with FedNow including the Hedera-based platform Dropp as a service provider, it’s believed that HBAR is poised for more growth, possibly to $0.080.
Nevertheless, it’s also worth noting the headwinds HBAR might face. While it’s exciting that Dropp has been added to FedNow’s service providers list, there are claims that they are merely potential service providers and might not necessarily make the cut. Moreover, Hedera could get cornered as an alternative niche to established layer-one networks.
In light of these uncertainties, savvy traders might consider diversifying their hoard with newer altcoins forecasted to rally, such as presale tokens. One noteworthy token garnering attention is the WSM. Beginning its presale in June, it has already raked in around $24 million.
WSM’s popularity is largely due to its association with the meme stocks movement, as seen with the AMC and GameStop rallies of 2021. This attribute has helped it nurturer an astoundingly large online community in a short span of time.
The decentralized nature of WSM, with 50% of its maximum supply directed towards presale and 30% allocated for community rewards, reduces the risk of a huge selloff and spurs investors to partake more enthusiastically. Whether you’re a seasoned crypto enthusiast or a newbie looking to explore, WSM might be worth your consideration. But remember, crypto investments are inherently risky by nature and could lead to substantial losses, so tread wisely.
Source: Cryptonews
