Crypto HBAR is up 14% this week as Hedera Hashgraph aggressively positions itself for the tokenization boom. According to Santiment data, the chain now leads the development of real-world asset (RWA) tokenization with a score of 96.9%.
Only Chainlink, Avalanche, and Stellar seemed to rival Hedera in terms of RWA-related developments. Still, it eclipsed Stellar and Avalanche by almost 2x, highlighting how the channel is focused on one of the hottest narratives in the crypto market.
The update comes after a recent series of partnerships. In June, Archax announced plans to advance tokenized securities in Hedera with real-time cash flow. At the time, Gregg Bell, CIO at Hedera, presented the update as an “efficiency” upgrade.
By allowing cash flows to move seamlessly with tokenized securities, we are bringing greater efficiency, transparency and accuracy to the capital markets.
Asseto, another tokenization infrastructure builder, joined the chain this month. Utila, an institutional stablecoin platform, has also joined Hedera to offer custody and wallet platform services.
That said, interest in RWA, along with the renewed momentum this week for the crypto bill, the CLARITY Act, has driven up the price of the HBAR token, sparking a 14% rally.
Will HBAR crypto extend its rally?
However, on the daily price chart, the market structure is not yet bullish despite the 14% rise. An extended uptrend could be confirmed if there is a decisive daily candlestick close above the 50-day moving average (MA, white line) and $0.076.
If such a scenario plays out, the next upside target will be the 200-day MA (blue line) at $0.09. This would imply a potential upside of 18% if the target is achieved.
A rejection of the 50-day moving average would reinforce the dominance of short sellers and invalidate the bullish outlook discussed above. In such a case, another HBAR the pullback towards July support around $0.065 could not be reversed.
Overall, price levels below the 50-day moving average appear to be a key buying interest for long-term bulls, especially whales. According to CryptoQuant, current values have generated considerable interest in whales, as shown by the green bubble maps (large whale orders).
Nonetheless, HBAR’s extended recovery could be determined by progress under the CLARITY Act.
Final summary
- HBAR jumped 14% this week thanks to Bitcoin’s rebound and renewed momentum from the CLARITY Act.
- Whale activity increased as HBAR price consolidated below $0.76 amid the RWA surge.
