Why is the HBAR Coin Price Rising? This is the Cause!

Bittime - Hedera Hashgraph (HBAR) price has been skyrocketing lately, with a rise of more than 53% in the last 24 hours. 

This extraordinary price spike can be attributed to two main factors: the nomination of Brian Brooks, Hedera board member, as the next Chairman of the US SEC, and Hedera's continued commitment to innovative technological advancement.

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Hedera Board Member Candidate for Chairman of the US SEC

Current SEC Chairman, who is a controversial figure in the crypto industry, may soon be replaced. 

With the changing political landscape, Brian Brooks, former CEO of Binance.US and current Hedera board member, has emerged as a potential candidate for the position. 

This news sparked excitement among HBAR holders, leading to a significant price increase. 

Popular prediction platforms like Khashi show Brooks gaining momentum, currently ranked second with 12% of the vote.

Also read: HBAR ETF Still Waiting, Will Hedera Bull Run Happen?

Hedera's Role in Space Technology Collaboration

Apart from potential regulatory shifts, Hedera is also making waves in the world of space technology. 

The company is collaborating with WISeSat.Space on an innovative mission: the launch of the world's first space-based exchange in January 2025, facilitated by SpaceX. 

The project aims to secure satellite communications and integrate blockchain technology, a significant step forward for both industries. 

This news, along with Hedera's ongoing work with major institutions such as the Nairobi Securities Exchange, further increases investor confidence in the project.

Find out about convert 1 HBAR to IDR today to find out market developments only on the Bittime market

Analyst Predictions about HBAR

Crypto analysts are optimistic about the future of HBAR, anticipating further price increases. Captain Faibik, a prominent analyst, predicts a long-term target of $1 based on the breakout pattern of the Symmetrical Triangle on the weekly chart. 

Another analyst, Shawn, has adjusted his initial $0.10 prediction, now predicting a potential rise to the $0.1562 support level as part of a larger cryptocurrency market rally.

Given the increasing demand for HBAR, coupled with strong technical indicators pointing to a bullish trend, the price is likely to continue rising. However, it is important to pay attention to potential overbought zones that could lead to temporary price corrections.

Conclusion

Hedera Hashgraph's recent price spike is a testament to its innovative approach and its potential to disrupt multiple industries. 

The combination of potential regulatory shifts with Brooks' candidacy and Hedera's involvement in cutting-edge space technology paints a bright future picture for HBAR. 

While analyst predictions offer valuable insight, it is important to conduct thorough research before making any investment decisions.

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