Key Insights: USDC on Hedera Experiences a 2,150% Surge with Trading Volume Reaching $224M in Just 24 Hours
The HBAR cryptocurrency has gained significant attention following an extraordinary increase in USDC trading volume on the Hedera network, alongside new developments in U.S. regulatory frameworks for cryptocurrencies. Analysts are optimistic, suggesting that HBAR could potentially reach a price of $1.70. The Hedera platform is expected to accelerate its growth, particularly due to its capabilities in facilitating cross-border payments and accommodating stablecoins.
USDC on Hedera Sees a Dramatic 2,150% Increase
The recent surge in USDC transactions within the Hedera ecosystem is a key factor contributing to the rising value of HBAR. Market expert Mark Chadwick reported that trading volume surged to $224.12 million over the course of a day, representing a 52% increase from the previous day and an astonishing 2,150% rise in recent weeks. Data from DefiLlama indicated that the market capitalization of USDC on Hedera has grown by 38.77% in the past week. This growth positions Hedera as a preferred platform for stablecoin transactions, making it particularly useful for transferring funds across various blockchain networks. Chadwick noted that if the current trend continues, USDC could become a practical alternative to the U.S. dollar. The demand for stablecoins and global payment solutions is on the rise, and Hedera’s efficient processing and low transaction costs make it suitable for large-scale business dealings, especially when compared to traditional systems like SWIFT, which manages a market cap of $150 trillion—significantly larger than the entire cryptocurrency market.
Positive Technical Indicators Point Towards a Potential $1.70 for HBAR
The price of HBAR has recently broken a longstanding downward trend on its chart. Analysis from Gilmore Estates revealed a parabolic reversal pattern, resembling a cup-and-handle formation. This breakout has been confirmed with additional tests, suggesting that HBAR is positioned for further upward movement. Analysts believe there is potential for Hedera to multiply its value fivefold from its current lows, with a target of reaching $1.70. The combination of increasing trading volumes and the structure of the reversal pattern indicates a bullish sentiment. With the support levels established between $0.17 and $0.20, HBAR is now poised for a potential rally. These technical indicators are also shifting positively on both daily and weekly charts. Given these trends and favorable macroeconomic developments, the market appears primed for growth. The next significant resistance level is identified near $0.40, and if HBAR can surpass the $0.28 to $0.30 range, it may advance towards $0.60 to $0.70 before ultimately targeting $1.70 in the coming months.
GENIUS Bill May Propel Institutional Adoption
The GENIUS Bill has progressed through the U.S. Senate, aiming to clarify the legal landscape for digital financial systems. This proposed legislation favors blockchain networks that comply with existing regulatory and enterprise standards. Gilmore Estates pointed out that Hedera’s capacity for processing 10,000 transactions per second and its low-fee structure make it particularly advantageous for the issuance of regulated stablecoins. The bill’s framework aligns with Hedera’s commitment to compliance, robust infrastructure, and reliability suitable for institutional use. Notably, major corporations like Google, IBM, and Boeing are part of Hedera’s governing council, lending credibility to the network within the regulated financial landscape and instilling confidence among long-term investors. As speculative trends give way to regulated innovations, Hedera could emerge as a leading platform for compliant digital assets. Previous analyses by The Market Periodical have indicated that HBAR is one of the few tokens favored by institutional stakeholders.
Hedera Price Forecast: Critical Levels to Monitor
Current technical momentum and broader market trends indicate that HBAR may have more upside potential. The token has successfully broken through significant resistance levels and continues to benefit from the increased adoption of USDC. As of now, HBAR is trading at $0.2045, reflecting a daily gain of 2.57%. Trading volume has surged by 45.67%, reaching a total of $248.66 million, signaling renewed interest from traders. Immediate resistance is observed at $0.25, with a crucial barrier at $0.30. A breakout above this area could pave the way for a rise to $0.40, and subsequently $0.60 to $0.70, with $1.70 identified as a long-term goal. With robust on-chain fundamentals and supportive regulatory developments, Hedera appears well-positioned to take advantage of shifts in the market. The upcoming weeks will be pivotal in determining whether the current rally can maintain momentum and achieve higher price levels.
Disclaimer
The information presented in this article reflects the perspectives of the writer and other mentioned individuals, intended solely for informational purposes. This content does not constitute investment, financial, or any other type of advice. Engaging in cryptocurrency trading or investing carries the risk of financial loss.