The news of a major partnership between SpaceX and Hedera Hashgraph stunned the markets, with the chain’s native altcoin hitting a new yearly peak. After the half-year-long bear market for HBAR, the altcoin smashed $0.1552 for the first time since April 24, 2024, when BlackRock’s money market fund (MMF) was deployed on Hedera’s distributed ledger.

HBAR is heading for a space adventure, according to sources familiar with the matter. SpaceX is slated to launch a satellite in January 2025, which will include a selection of blockchain-based functions, including crypto transfers. Meanwhile, HBAR skyrocketed 160%, with a few other factors contributing to the altcoin’s rally.

Is HBAR Really Poised for Space Journey?

The news first came out on Swiss television as Cardano (ADA) founder Charles Hoskinson was visiting Musk’s SpaceX corporate headquarters. Hoskinson, a member of the Decentralized Recovery (DeRec) Alliance, said the Hedera-powered satellite aims to redefine payments across Earth and space, pivotal for the eventual colonization of Mars.

While processing crypto transactions in orbit via HBAR, the idea of such a satellite comes three years after Musk expressed support for an expansive hash ledger technology, a method of operation pioneered by Hedera.

Musk’s Department of Government Efficiency (DOGE) team is considering Hedera Hashgraph to host the 47th United States Presidential election, discussing the matter with Donald Trump in their recent meetings.

Is Hedera’s HBAR Price Cut Out for $0.50?

The $0.569 all-time pinnacle for Hedera’s native altcoin HBAR was secured over three years ago. Even though Hedera’s unique technology gained appreciation from tech heavyweights such as Google and Microsoft before the deal with SpaceX, the chain’s altcoin backtracked over 90% from the HBAR price peak until recently.

HBAR price movement in 4-hour intervals, paired with the trend-deciding Aroon indicator
HBAR saw a critical breakthrough on November 15, 2024, when the altcoin’s price broke the long-term downtrend to sustain above $0.065. This is illustrated by the bottom figure on the chart above, where the golden line of the Aroon indicator crossed the blue line to claim the upward territory. Presently, HBAR trades at $0.13697.

According to crypto trading theory, the golden upward crossover is bullish. The breakout is solidified by a 24-hour trading volume of $3,044,905,050. Indeed, the enormous daily trading volume adds to HBAR’s relevancy beyond the major brand partnerships. HBAR is known for light-speed transactions, potentially processing 10,000 per second, outpacing both Bitcoin (BTC) and Ethereum (ETH) by a long mile.

On the Flipside

As of publication time, Hedera’s HBAR cryptocurrency witnessed a 4% pullback after hitting the $0.1552 half-year high yesterday, but market watchers remain optimistic in the long run.

Crypto pundits see HBAR above $1 as Brian Brooks, a prominent board member of Hedera Foundation, is currently a leading candidate to substitute Gary Gensler for Chairman of the SEC.

Why This Matters

Expecting a better regulatory environment for blockchain tech, this collaboration for a blockchain-powered satellite can render pivotal findings in research for future human life on Mars.

Source : DailyCoin - Nov 19, 2024