Hedera’s HBAR token is poised for a major breakthrough as SWIFT, the global payments giant, has launched a blockchain pilot program. The HBAR coin emerges as a key player, with SWIFT’s blockchain integration unlocking massive demand for the token. With the potential to transform cross-border payments and tokenized asset transfers, HBAR’s role in SWIFT’s initiative has significant implications for its future growth and adoption.
SWIFT Embarks on Blockchain-Based Experiments
According to recent reports, the SWIFT payments platform has initiated blockchain-based trials to integrate digital assets with traditional finance. With the key focus on bridging the gap between traditional finance and blockchain, SWIFT’s initiative allows for smooth transactions between banks using both fiat currencies and digital assets.
Notably, the payments platform is currently experimenting with live blockchain trials with select partners. While achieving interoperability between traditional financial systems and blockchain networks, the project could ensure seamless communication and interaction. To facilitate this integration, SWIFT is adopting ISO 20022 standards, which will modernize financial messaging and ensure compatibility with blockchain technology, ultimately enabling efficient and secure transactions.
HBAR To Benefit: Why?
Reportedly, cryptocurrencies like HBAR and XRP are to benefit the most from SWIFT’s blockchain integration. Market expert SMQKE shared an X post, shedding light on the potential benefits of HBAR and XRP in the SWIFT blockchain integration. The evaluation focuses on these tokens’ capabilities for fast, efficient, and sustainable international payments. The report states, “This development could also benefit crypto-related payment networks such as XRP and HBAR, known for fast, low-cost transfers.”
Significantly, HBAR’s hashgraph consensus mechanism enables fast transaction processing, over 10,000 TPS, with minimal energy usage and effective corporate oversight. With a governance model led by a council of global corporations, HBAR offers stability. Yet, its emphasis on tokenization and micropayments positions it as a long-term play, potentially limiting its near-term applicability for SWIFT’s urgent cross-border payment requirements.
HBAR Price Surges: Will It Break Past $0.5?
At press time, HBAR is priced at $0.2835, up 1.3% in a day. However, the token has experienced notable declines of 10% and 12% over the past week and month, respectively. The 24-hour trading volume has also seen a marginal plunge of about 4% to reach $299 million.
Despite this overall negative sentiment, HBAR appears ready for a breakout after a consolidation phase. Although the token suffered short-term price declines, technical analysis suggests an upward potential.
According to analyst Quantum Ascend, the upcoming altcoin season is poised to offer significant strides for the Hedera token. The altcoin’s targets include $0.507 for Wave 3, $0.31 for Wave 4, $1.15 for the primary Wave 5 target, and $2.07 for a potential “blow-off” top in Wave 5.
Reportedly, HBAR is positioned at a critical demand zone of ($0.21-$0.23. This zone historically served as a key support level. As buyers have consistently intervened at this level, it has prevented further declines. The volume profile also indicates increased accumulation in this price range. As the next significant liquidity pocket is marked around $0.30-$0.32, it provides a clear upside target.
Amidst this backdrop, analysts remain optimistic about the token’s potential performance. With short-term targets of $0.285-$0.310, HBAR is poised for a staggering 25-30% uptick if the demand zone holds.
Selling Pressure Soars
Nonetheless, Hedera price faced intense selling pressure, particularly during a 23-hour period of high volatility spanning from August 19 at 15:00 to August 20 at 14:00.
A significant surge in trading activity occurred between 13:45 and 14:06, with over 3.8 million tokens exchanged, coinciding with the steepest decline. Prices temporarily hit session lows before rebounding as buying interest returned, stabilizing the market.
Final Thoughts
In conclusion, Hedera (HBAR) is poised for massive growth driven by its unique capabilities and SWIFT blockchain program. Despite the recent selling pressure, the token could see a potential buying spree that could push its price upwards.
