Hedera’s HBAR achieved the yearly peak after BlackRock’s MMF tokenization.

The asset management heavyweight later denied direct involvement with HBAR.

Sliding over 90% from all-time high, HBAR’s consolidation period comes to a halt. Hedera Hashgraph (HBAR) has had a rocky road in 2024. The popularity of Hedera’s distributed ledger technology has proven successful in various partnerships with established IT brands, such as LG Electronics, IBM, and Google. In addition, HBAR provides a real-time tracking device to Hyundai and KIA, two heavyweight automobile manufacturers.Why HBAR’s Rally Did Not HoldHowever, one of the latest high-profile ventures has caught the attention of both HBAR’s holders and critics. In a quest to tokenize BlackRock’s ICS U.S. Treasury money market fund (MMF), an announcement from the HBAR Foundation turned into unwarranted excitement, resulting in a whopping 60% bull run for HBAR on April 24. Sponsored The next day, the presumably ultra-bullish move turned dark when it was discovered that crypto aficionados misinterpreted HBAR Foundation’s announcement. BlackRock had no direct involvement in the deal, first noted by Cardano’s Ghost Fund DAO founder Chris O’Connor.While it remains true that BlackRock’s MMF was tokenized on Hedera’s chain, it was done via a partnership between HBAR Foundation and Archax, the first FCA-regulated digital asset exchange, and a crypto broker. Archax CEO Graham Rodford later explained that the broker initiated a BlackRock account to facilitate the tokenization process, while BlackRock themselves didn’t incentivize any commercial deals with Hedera.Bar Lowered for HBAR?While the ambiguous announcement by HBAR Foundation was deleted from Twitter once BlackRock cleared up the misconception, HBAR quickly evaporated the gains, falling from its yearly high of $0.176 back to where it was in six days.This has raised concerns among HBAR holders, who expected the BlackRock news-infused rally to be more sustainable than it was. HBAR has lost sway since late April and started trading at less than 5 cents per token in September.This raises the question of whether HBAR could repeat its success almost three years ago, when HBAR shot up to $0.56, scoring an all-time high on September 15, 2021. HBAR’s $0.50 price goal would need a boost from the coin’s trading volume, which remains relatively low at $25 million per day despite HBAR being in the TOP 30 by market cap. On-chain metrics like the Chaikin Money Flow (CMF) index are also flashing below zero, but the rapid spike coming into September marks the return of large investor cash flow into the token. In addition to the recovering CMF index, HBAR’s Bollinger Bands (BOLL) on the one-week charts hint at impending HBAR price volatility. Coupled with the returning large investors, this could ultimately signal a rebound rally, as it has successfully reclaimed the support territory above $0.05 this week, rebounding from weekly lows of $0.045.As of press time, HBAR is trading at $0.0519, having gained 2.8% in the latest 24-hour window. However, from a monthly perspective, the altcoin is still 5.3% down despite stagnant trading volume on both the Spot and Derivatives crypto markets.On the Flipside HBAR Foundation CEO Shayne Higdon resigned on August 31, 2024, three months after the BlackRock MMF scandal surfaced on social media.

Hedera’s community considered this move an attempt to clean house, as many crypto traders blamed the former CEO for the deceptive communication. Why This MattersReal World Asset (RWA) tokenization is estimated to flourish into a $10 trillion market by 2030.Discover DailyCoin’s latest crypto news:Buy Crypto Without KYC: Introducing the Best No-KYC Crypto Exchanges in 2024FBI Reveals $5.6B Crypto Scam Epidemic: Here’s How to Stay Safe