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The Cryptocurrency market has maintained a positive streak over the last month as a result of Trump’s victory in the US. Some coins present acceptable positive performances, while others stand out for formidable increases. This second group includes the Hedera token (HBAR).
With a significant growth rate, this currency reaches a market capitalization of $10 billion. This allows it to achieve 18th place in the general CoinMarketCap ranking. The milestone of $10 billion in valuation is a reflection of enormous demand for the token among capitals in the crypto sector.
According to data from the aforementioned portal, the price of the currency grows by +36.18% in the last 24 hours to settle at $0.2659 dollars per token. This push is in addition to a more pronounced bullish trend that reflects +89.84% in one week and almost +500% in the last 30 days.
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These numbers allow us to place the Hedera token (HBAR) as one of the great sensations of the cryptocurrency market. Over the last 90 days, the coin is only outperformed by XLM, which has +490% in that period, while HBAR follows with +423%.
Hedera token (HBAR) price maintains a strong rally. Source: CoinMarketCap
Is Hedera Token approaching $0.50?
Considering the enormous momentum of HBAR and the acceptance it has among investors, it can be said that this rally will continue in the short term. However, we cannot ignore the fact that this growth also has enormous speculative components.
The latter means that sooner rather than later a correction will occur that will cause a strong decline in the price of the token. In the financial world, no asset can maintain such a growth rate for long periods of time. Thus, investors entering now should take into consideration that a liquidation would not be a rare event in the coming weeks.
However, a correction does not mean bad news, but rather it would serve to attract fresh capital. Under this scheme, it could be said that after a relatively strong fall the token could resume the trend and probably advance to $0.50.
There is also a possibility that the current momentum has enormous strength and the token does not correct until it reaches $0.50. In that case, you could say that the correction would be much larger at that point. As such, investors must consider that the correction is inevitable. Although Hedera is a serious project, the rise of its token has strong speculative components.
Only after sharp profit-taking, the coin price could consolidate at more realistic levels.
Disclaimer: This work is for informational purposes only and should under no circumstances be taken as an invitation or investment advice. Cryptocurrencies are highly volatile assets and placing capital in them can lead to total losses.
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