Hedera (HBAR) and Cosmos (ATOM) have experienced price surges today, driven by a combination of network milestones, technical breakouts, and overall positive market sentiment.
Hedera has recently achieved an impressive feat by processing over 50 billion mainnet transactions since its launch. This milestone, coupled with a breakout from a horizontal channel, has propelled HBAR’s price upward, gaining 8.08% in the past 24 hours.
Similarly, Cosmos, a decentralized network of independent parallel blockchains, has also witnessed a notable price increase of 6.95% in the past 24 hours. ATOM’s price surge has been supported by a breakout from a descending channel, indicating a potential trend reversal and bullish momentum.
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Hedera Network Surpasses 50 Billion Mainnet Transactions
Hedera (HBAR) has recently achieved a notable milestone by processing over 50 billion mainnet transactions since its launch. This impressive feat, announced in a tweet by Hedera, demonstrates the network’s growing adoption and usage.
The achievement coincided with a notable price increase for HBAR, as the cryptocurrency has gained 8.08% in the past 24 hours and is currently trading at $0.1187. This upward momentum has been further supported by a technical breakout, as HBAR has broken out of a horizontal channel, according to our analysis.
HBAR’s Technical Indicators Point to Bullish Momentum
The daily chart RSI (Relative Strength Index) for HBAR currently stands at 57.59, indicating a bullish momentum. An RSI value above 50 suggests that the cryptocurrency is experiencing buying pressure and could potentially continue its upward trend.
Moreover, HBAR is trading above its 200-day moving average (MA) of $0.08615. The 200-day MA is a widely used long-term trend indicator, and when a cryptocurrency’s price is above this level, it is generally considered a bullish sign.
Over the past 24 hours, HBAR has traded between a low of $0.1083 and a high of $0.1228, shocasing the cryptocurrency’s price volatility and potential for further growth.
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Show more +Cosmos (ATOM) Breaks Out of Descending Channel and Exhibits Strong Bullish Momentum
Cosmos (ATOM), a network of independent parallel blockchains, has also experienced a significant price surge, gaining 6.95% in the past 24 hours and currently trading at $9.39. Similar to HBAR, our analysis reveals that ATOM has broken out of a descending channel, indicating a potential trend reversal and bullish momentum.
The daily chart RSI for ATOM stands at 63.67, signaling strong bullish momentum. An RSI value above 60 suggests that the cryptocurrency is experiencing significant buying pressure and could potentially continue its upward trajectory.
Furthermore, ATOM is trading close to its 200-day moving average (MA) of $10.046. A break above this level could further confirm the bullish trend and attract more investors to the cryptocurrency.
In the past 24 hours, ATOM has traded between a low of $8.78 and a high of $9.50, reflecting the cryptocurrency’s price volatility and potential for further growth.
Also checkout: Analyst Shares Weekly Crypto Watchlist: Bitcoin (BTC), Jito (JTO) and Other Tokens in Focus
Factors Contributing to HBAR and ATOM’s Price Surge
The recent price surges of HBAR and ATOM can be attributed to several factors, including:
1.Network Adoption and Usage: Hedera’s milestone of processing over 50 billion mainnet transactions demonstrates the growing adoption and usage of the network, which could potentially drive demand for HBAR.
2. Technical Breakouts: Both HBAR and ATOM have broken out of horizontal and descending channels, indicating potential trend reversals and bullish momentum. These technical breakouts have likely attracted the attention of traders and investors.
3. Overall Market Sentiment: The broader cryptocurrency market has been experiencing a positive sentiment, with Bitcoin and Ethereum seeing price increases. This bullish market sentiment may have contributed to the price surges of HBAR and ATOM.
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