- FedNow propels HBAR 15% higher, ushering in the micropayment revolution.
- HBAR rockets on FedNow’s embrace, signalling a new era in financial transactions.
- Micropayments surge as FedNow backs HBAR, affirming Hedera’s supremacy.
The US Federal Reserve’s instant payments system FedNow has added Dropp’s Hedera Hashgraph-based micropayments platform to its list of service providers. FedNow now supports Dropp, which facilitates micropayments in HBAR, USD, and USDC, causing the Hedera (HBAR) price to skyrocket by 15% within hours.
Hedera’s $HBAR + 15% on news that the U.S. Federal Reserve’s FedNow added a Hedera Hashgraph-based micropayments platform as a service provider.
FedNow is an instant payment service provider developed by the Fed for depository institutions in the U.S.
— Messari (@MessariCrypto) August 14, 2023
Banks and other financial service companies pursuing micropayment services can use Hedera’s Dropp platform for real-time payments through FedNow. In addition, Hedera is now indirectly supported by FedNow, giving the blockchain significant support from traditional financial institutions.
Consequently, the HBAR market experienced an upswing in the previous twenty-four hours, with prices increasing from $0.06391 to an intraday high of $0.07515.At press time, the ongoing favourable trend drove the price of HBAR up 13.08% to $0.07274.
HBAR’s market capitalization and 24-hour trading volume increased by 15.79% and 167.35%, respectively, to $2,397,156,096 and $336,977,860. This surge indicates a considerable increase in HBAR’s market value and trading volume, likely influenced by market sentiment.
The bullish outlook for the HBAR market is supported by a Fisher Transform reading of 3.28801328 and a move above its signal line, which indicates a potential buying opportunity for investors anxious to capitalize on the uptrend. If it breaks below its signal line, a shift toward bearish sentiment may be signalling, and traders should consider taking profits or reducing losses.
With a value of 75.66, the Chande Momentum Oscillator (ChandeMO) indicates that the market’s upward momentum may persist. This action may increase the price, bolstering traders’ confidence in the HBAR market and persuading additional investors to follow the upward trend.
Bullish momentum is shown by the top and bottom Bollinger bands, which are at $0.07306925 and $0.05008394, respectively. As the bands widen and the market proceeds further north, it is anticipated that the upward trend in HBAR will continue. By taking this action, investors in HBAR are indicating that they may be considering a purchase due to expected price increases in the future.
The Aroon up and down readings of 100.00% and 14.29% indicate that HBAR is in a firm uptrend, and purchasing pressure is anticipated to persist. According to this pattern, traders may consider using stop-loss orders to protect themselves from abrupt market changes that could result in a price decline.
In conclusion, HBAR’s meteoric rise on FedNow’s support showcases Hedera’s micropayment prowess, affirming its bullish trajectory and market dominance.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.