- Hedera price exploded 60% after a major partnership with BlackRock was announced yesterday
- HBAR broke out of a descending channel pattern, signaling the potential for further upside
- New meme coin Milei Moneda (MEDA) sold over 64 million tokens in an ongoing presale
Hedera (HBAR) price exploded by 60% in the last 24 hours, making it the biggest gainer among the top 100 coins by market capitalization.
This surge comes on the heels of an announcement by the Hedera Foundation regarding a partnership with the global investment giant BlackRock.
Simultaneously, a new meme coin called Milei Moneda (MEDA) is trying to enter the memes world, having already entered stage 2 of its ongoing crypto presale.
Partnership with BlackRock Fuels HBAR’s Ascent
The Hedera Foundation took to X yesterday to share the exciting news of their collaboration with BlackRock, tokenizing the latter’s ICS US Treasury money market fund (MMF) on the Hedera network. This development marks a pretty important milestone in asset management, as it brings the world’s largest asset manager partnered with Hedera Foundation.
The announcement highlighted that this move builds upon the growing portfolio of institutional real-world assets (RWAs) on Hedera, following the tokenization of Aberdeen’s flagship multi-billion-pound MMF on the network last year.
Moreover, this partnership should demonstrate the increasing institutional adoption and trust in the Hedera ecosystem, which has undoubtedly contributed to the substantial HBAR price pump.
However, it was later clarified by Archax CEO Graham Rodfort that the decision to tokenize BlackRock’s fund on Hedera came from Archax, not from BlackRock itself. Nonetheless, it’s crucial to highlight that BlackRock’s foray into real-world asset tokenization occurred last month with the launch of its USD Institutional Digital Liquidity Fund
HBAR Breaks Out of Descending Channel Pattern
Since mid-March, HBAR had been trading within a descending channel pattern, a bearish technical formation characterized by lower highs and lower lows. However, the recent positive news catalyzed a powerful breakout from this pattern, propelling HBAR into what can be described as an “explosion mode.”
HBAR surged by approximately 60%, reaching a new 2024 yearly high of around $0.18 before cooling off slightly to its current trading price of around $0.13. It’s worth noting that HBAR’s all-time high stands at $0.47, achieved during the 2021 bull run.
The technical indicators support the bullish momentum, with the 200-day moving average currently at $0.08 and the MACD line trading above the MACD signal line, suggesting a potential continuation of the uptrend.
Additionally, the Relative Strength Index (RSI) on the daily chart stands at 63, indicating that HBAR is in an overbought territory, which could potentially trigger a short-term correction or consolidation.
Based on the technical analysis, HBAR could potentially retrace towards the $0.10 to $0.12 range in the short term to digest the recent gains before potentially embarking on a renewed upward trajectory, targeting the $0.20 to $0.25 resistance levels.
Milei Moneda: A Satirical Meme Coin in Presale
Now, let’s shift gears to the world of meme coins, as Milei Moneda (MEDA) entered this sector with its blend of humor, politics, and blockchain technology.
Inspired by Argentina’s President Javier Milei, known for his advocacy of free markets and libertarian principles, MEDA is a parody token that satirizes the eccentric political figure’s persona.
Milei Moneda started its crypto presale in late March and has already sold over 64 million MEDA tokens. The current stage price is 0.0125 USDT, with the next stage price set at 0.015 USDT, and a launch price of 0.020 USDT.
The token offers rewards for active users, including exclusive NFTs, monthly giveaways, and discounts on crypto deals. Additionally, Milei Moneda features a token burn mechanism designed to preserve its price over time, ensuring that long-term investors remain profitable.
Milei Moneda utilizes the blockchain’s advantages while ensuring a locked liquidity configuration as an Ethereum network-based token.
Based on MEDA’s 500,000,000 token supply, 60% will be allocated to public access, 15% to liquidity, 15% to marketing and rewards, 5% will be burned, and 5% will be given away in airdrop campaigns. This approach might potentially set Milei Moneda apart from other meme coins, which may not have a clear allocation strategy for their token supply.
Conclusion
All in all, while Hedera (HBAR) has witnessed a surge fueled by its partnership with BlackRock, the emergence of Milei Moneda (MEDA) as a satirical meme coin in presale has added an entertaining twist to the crypto market this month.
HBAR’s strong breakout from the descending channel pattern and the positive technical indicators suggest potential for further upside momentum, albeit with the possibility of short-term consolidation or correction. Investors should be closely monitoring HBAR’s performance as the impact of the BlackRock partnership unfolds.
On the other hand, Milei Moneda offers a blend of humor and blockchain technology, providing an alternative investment opportunity for those seeking a light-hearted approach to the crypto space. With its ongoing presale, MEDA could potentially capture the attention of the meme coin sector as we prepare for the next leg up in this bull run.
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