Hedera (HBAR) Surges 30% Alone... Will it Break $0.13 Backed by IBM and BlackRock?

▲ Hedera (HBAR) ©

Hedera (HBAR) surged by over 30% in a single day, defying the overall market weakness. News of its entry into the IBM Cloud Marketplace and the tokenization of BlackRock funds raised expectations for enterprise and institutional adoption. With trading volume also skyrocketing by more than 14 times, HBAR showed a distinctly differentiated upward trend from the broader virtual asset market.

According to cryptocurrency market data aggregator CoinMarketCap, on September 28 (local time), HBAR was trading at $0.122, up 30.04% over 24 hours. During the same period, Bitcoin (BTC) fell by 1.44%, and the total virtual asset market capitalization decreased by 1.53%, but HBAR showed the opposite trend. The key reason for the surge was the news that Hashgraph Group collaborated with IBM to register IDTrust on IBM Cloud. This was introduced as the first Hedera-based commercial application to enter a major cloud marketplace.

News related to BlackRock's tokenization also boosted the rally. It was reported that shares of BlackRock's ICS US Treasury Money Market Fund are being tokenized on the Hedera network via Securitize. The simultaneous emphasis on news related to IBM and BlackRock is analyzed to have led to buying interest, fueled by expectations for Hedera's real-world usability and enterprise/institutional adoption.

The technical trend was also strong. HBAR strongly broke through its 7-day Simple Moving Average (SMA) of $0.094, and its 24-hour trading volume surged by 1424% to $1.27 billion. The MACD (Moving Average Convergence Divergence) also turned into a bullish signal. In particular, the independent surge accompanied by trading volume in a declining overall market suggests that HBAR's own demand, rather than a general market rebound, drove the price increase.

In the short term, whether HBAR can defend the $0.118 level is expected to determine the sustainability of the upward trend. If HBAR maintains buying momentum above this price, the 200% Fibonacci extension level of $0.13039 is suggested as the next target. Currently, the main support zone is $0.107-$0.118, and if it falls below $0.107, profit-taking after the rise could intensify, leading to a larger correction. The RSI (Relative Strength Index) has risen to 66.44, indicating strong momentum, but it is also necessary to check for overheating after the sharp rise.

CoinMarketCap assessed HBAR's short-term trend as a phase dominated by bullish momentum. While the news of enterprise/institutional adoption related to IBM and BlackRock, coupled with a technical breakout and a surge in trading volume, led to a differentiated upward trend in a bear market, the possibility of profit-taking after a sharp rise of over 30% in a day remains a variable. Whether the price can be maintained above $0.118-$0.12 over the next 24-48 hours has been presented as a key criterion for judging the sustainability of this breakout.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*