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Hedera Price Prediction – HBAR Bulls Eye $0.13 as Accenture Joins Hedera Council

Highlights:

  • Hedera jumped 10.85% as volume surged 355%, showing strong bullish momentum.
  • Accenture joining the Hedera Council boosted confidence in enterprise blockchain adoption.
  • Analysts see HBAR targeting $0.131 if it breaks above $0.097.

Hedera (HBAR) is one of the top-performing cryptocurrencies today, even as the broader cryptocurrency market continues to record sluggish growth. When writing, Hedera was trading at $0.092, up 10.85% in the day. 

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Hedera trading volumes are also surging in the day, rising 355.57% to stand at $343.75 million. The parabolic rise in volumes alongside the price is an indicator that FOMO is building up and that Hedera could be headed much higher in the short to medium term. 

Accenture’s Entry Into Hedera Council Excites the Market

One of the drivers behind Hedera’s rally is the news that Accenture has joined the Hedera Council. The move is expected to enhance Hedera’s financial services through Accenture’s specialized financial consulting expertise. The markets are excited because Accenture is globally known for its capabilities in artificial intelligence, public innovation, and, more importantly, enterprise technologies.

By having such a partner in the Hedera Council, HBAR can get access to improvements that can make it even better for payments, among other use cases. The entry of Accenture into the Hedera Council comes at a time when global finance is undergoing a transformation, driven by AI and asset tokenization, two areas in which Accenture’s technologies can go a long way for Hedera. 

Hedera’s Potential In Asset Tokenization Could Add to Momentum

Multiple analysts already believe Hedera could be well-positioned to take a share of the fast-growing asset tokenization market in the US and globally. That’s because Hedera is known for its ultra-low trading fees and near-instant finality. More importantly, the Hedera network offers native features that enable tokenizing assets without creating smart contracts for every minor function.

The idea is that any corporation looking to tokenize is focused on service assurance, permissions, and an auditable contract. These are all functions that are well taken care of within the Hedera stack. Given that the asset tokenization market is set to grow into the trillions of dollars, Hedera carving out a share of this market could trigger a rally to new highs. As such, investors are starting to perceive Hedera as undervalued at current prices. 

Hedera’s Pump Could Draw In Retail Capital

Hedera’s intraday rally could also start attracting retail money going into the foreseeable future, further adding to the bullish sentiment. That’s because there is a growing perception that smart money is not buying into random altcoins expecting a marketwide pump.

Instead, investors are increasingly opting for cryptocurrencies with real potential. As such, now that Hedera is showing strong price action, retail investors could get the impression that Hedera is among the altcoins that institutional investors expect to have a strong future. Such could drive retail FOMO and keep pushing HBAR going into the foreseeable future. 

Technical Analysis – Hedera Price Yet to Break Multi-Month Consolidation Despite Rally

Despite the strong gains HBAR has recorded in the last 24 hours, it is still trading within a multi-month range between the $0.097 resistance and $0.084 support. If bulls drive HBAR through the $0.097 resistance, a rally to $0.131 could follow.

Price Chart
Hedera Price Chart: TradingView

On the other hand, if the bulls lose momentum, two scenarios could play out. The first is a continuation of the price consolidation. The second is where bears take control and push HBAR through the $0.084 support. In such a case, Hedera price could be headed toward levels below $0.07 in the short term. Of these scenarios, a rally to $0.131 is more likely. That’s because of the move by Accenture, which could pave the way for wider adoption of HBAR.

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