The price of Hedera (HBAR) has started to recover following a seven-day bearish move, currently trading at $0.1 after rebounding from $0.09 three days ago, representing an 11% increase. But what is driving this growth? The answer lies in the increasing activities on the Hedera network. The HBAR Foundation recently highlighted Shinhan Bank’s successful pilot leveraging the Stablecoin Studio to develop the South Korean won (KRW) as a reserve-backed asset on the Hedera network. With more institutional partnerships and growing adoption, HBAR's price still has room to spike more than 20% to around $0.12 before encountering significant resistance.

More Activities on the Hedera Network

The HBAR Foundation recently highlighted Shinhan Bank’s successful pilot leveraging the Stablecoin Studio to develop the South Korean won (KRW) as a reserve-backed asset on the Hedera network. This pilot followed an earlier proof-of-concept with Hedera Governing Council member and Africa’s largest bank, Standard Bank Group. The pilot achieved real-time settlement and real-time foreign exchange (FX) rate integration across the Thai Baht (THB), New Taiwan dollar (NTD), and South Korean won (KRW) in a test environment aligned with current production capabilities.

The Role of Stablecoin Studio

The Stablecoin Studio leverages both the Hedera Token Service (HTS) and the Hedera Smart Contract Service (HSCS), allowing any EVM-based stablecoin issuers to participate using the framework. By building on the Stablecoin Studio, issuers benefit from the highly scalable nature of the HTS at 10,000 TPS and the additional programmability of the EVM, unlocking an unprecedented degree of stablecoin flexibility and power. Additionally, the Hedera network and HBAR ecosystem have grown at an astounding rate in 2024, achieving critical adoption milestones as blockchain technology continues to gain institutional utilization.

New Council Additions and Consortium Contributions

The Hedera Governing Council, a cornerstone of the network’s unique governance model, has welcomed several new members this year, including Hitachi America, Mondelez, and BitGo. These additions represent leading organizations from various industries, further bolstering the network’s trust and adoption for real-world utility.

Consortium Contributions

Furthermore, the Hedera network has been added to major consortiums, including Blockchain4Energy, OpenSSF by Linux, and the Digital Euro Association. For instance, the Blockchain4Energy consortium recently launched B4ECarbon alongside Enovate AI, aiming to provide the industry’s inaugural comprehensive emissions management solution leveraging blockchain, AI, and the Internet of Things (IoT). B4ECarbon’s proprietary digital Measurement, Reporting, and Verification (dMRV) tool is directly built on Hedera, serving as the core infrastructure for tracking emissions data through the immutability of distributed ledger technology.

Positive Price Action and Future Prospects

With the increased activities, adoption on the Hedera network, and positive price action, HBAR crypto price still has room to spike more than 20% to around $0.12 before encountering significant resistance. The network’s growing ecosystem and institutional partnerships continue to drive its momentum in the crypto market.

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The Impact of Institutional Adoption

Institutional adoption is a significant driver of HBAR's price increase. The involvement of major banks and corporations not only validates the technology but also brings in substantial transaction volumes and liquidity. This institutional interest is a strong indicator of Hedera's potential for long-term growth.

Real-World Use Cases

The real-world use cases being developed on the Hedera network are another crucial factor. From stablecoins to emissions tracking, the applications being built on Hedera are diverse and impactful. These use cases demonstrate the network's versatility and its ability to solve real-world problems, which in turn attracts more developers and users to the platform.

Technical Analysis and Future Predictions

From a technical analysis perspective, HBAR's recent price movement suggests that it has broken out of a downtrend and is now in a recovery phase. The next significant resistance level is around $0.12, which means there is still room for a 20% increase from the current price.

Volume and Market Sentiment

The trading volume for HBAR has also seen a significant increase, indicating growing interest and confidence among traders. Market sentiment is generally positive, with many analysts predicting further gains in the near future.

Conclusion: A Promising Future for HBAR

In summary, the price of Hedera (HBAR) is up due to a combination of increased network activities, institutional adoption, and positive market sentiment. With more room to spike, HBAR is a token to watch closely in the coming months. Whether you're an investor or a developer, the Hedera network offers numerous opportunities for growth and innovation.

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The post "Why Is Hedera (HBAR) Crypto Price Up? The Token Has More Room to Spike" appeared first on CaptainAltcoin.