Nov 16, 2024

6thTrade


Hedera Hashgraph’s native token, HBAR, is making headlines with a bullish breakout, reaching a three-month peak of $0.072. As most major-cap cryptocurrencies remain stagnant, HBAR’s rally signals renewed interest in its potential, fueled by intriguing developments in blockchain-powered voting systems.

HBAR and the Future of U.S. Elections?

Rumors are swirling that Hedera Hashgraph is being considered for a blockchain-based voting platform for the next U.S. presidential election. Sources familiar with the matter suggest that former President Donald Trump is in talks with Elon Musk’s Department of Government Efficiency (DOGE) about an identity verification system designed to support a fully paperless voting process.

This initiative is reportedly a collaborative effort involving Hedera, Cardano, Hyperledger, and X (formerly Twitter). If successful, it could lead to legislation mandating e-voting across all 50 states. The platform aims to address voting inconsistencies, eliminate foul play, and streamline recount processes, particularly in swing states where disputes are common.

Can HBAR Reach $0.10?

Although HBAR briefly pulled back from its recent $0.072 peak, on-chain indicators suggest continued bullish momentum:

  • True Strength Index (TSI): Ranging between 17 and 19, this metric indicates strong buying pressure outweighing selling pressure.

  • Rainbow Oscillator: This tool tracks price trends and shows widening green and red curve gaps, signaling the continuation of HBAR’s upward trend.

Despite trading 88% below its all-time high of $0.56, HBAR’s current trajectory and increased trading volumes position it as a contender for breaching the $0.10 mark in the near term.

Potential Catalysts and Challenges

HBAR’s price momentum could gain further traction with the launch of a potential HBAR ETF by Canary Capital, which would mark a significant milestone for the token in the U.S. financial markets. Additionally, Hedera’s robust utility cases, including partnerships with Google Cloud, Kia, and Hyundai for carbon emission tracking, bolster its long-term investment appeal.

However, challenges remain:

  • Market Volatility: Broader market corrections could dampen HBAR’s rally despite strong on-chain metrics.

  • Political Adoption Uncertainty: While blockchain-based voting isn’t unprecedented—Tron’s Justin Sun recently became Prime Minister of Liberland, a micro-nation using blockchain systems—implementing this technology across the U.S. would require significant political and logistical hurdles to overcome.

Why This Matters

Hedera Hashgraph’s expanding utility, coupled with rumors of its involvement in groundbreaking projects like blockchain voting, makes HBAR a highly attractive option for long-term investors. With its technical indicators showing strong bullish signs, HBAR is well-positioned to capitalize on these developments, potentially making its mark as a key player in blockchain-based solutions for governance and beyond.