- HBAR surged 13% following the stablecoin pilot Project Acacia rollout, powered by Hedera, which was sponsored by Australia central bank.
- The trading volume and future open interests soared, indicating a high momentum in the market and the increased confidence of investors.
The native HBAR token has surged 15% over the past day to a high of just over $0.2052 as it has now confirmed that it participates in the Project Acacia, an Australian pilot involving digital settlement assets. The announcement came just as market moods shifted momentarily toward optimism, propelling the token to a 30-day high and its weekly gains more than 14%.
Related: Hedera Joins Central Bank-Led Project Acacia as Stablecoin Research Accelerates
More investor participation gave credence to the rally. The volume in trading was almost doubled to $373 million, and open interest in a Hedera future rose to 225.98 million $, indicating the potential to make consistent upside progress. Liquidity also increased with derivatives reaching $267.01 million on market volume according to Coinglass.
Traders Target Liquidation Zones as Momentum Builds
On-chain data signals an increasing risk appetite in traders. The liquidation heatmap on Binance indicates that there were concentration areas on the HBAR/USDT pair at a price range of $0.170 and $0.1779. These points are recovering price action as a magnet, conditions that lead to upper momentum through short squeezes.
The support is strong around the previous areas of around $0.155 and $0.160, providing a strong platform if corrections are experienced. Technical indicators confirm the rally is strong, with the Relative Strength Index (RSI) already at 75.87 and the MACD turning bullish.
Green candles and increased participation in the spot and futures markets characterize the price pattern of HBAR. An increase in open interest corresponds with the rise in volume, generally making a very healthy uptrend as opposed to a short-term blip.
Project Acacia: A Potential Catalyst for Institutional Adoption
As CNF recently reported, the Hedera Foundation announced its participation in Project Acacia, a pilot project of the Reserve Bank of Australia (RBA) and the Digital Finance Cooperative Research Centre (DFCRC). The project will experiment with different forms of digital money, such as stablecoins, wholesale CBDCs, and others, to achieve settlement on tokenized markets.
Out of 30 total, Project Acacia has conditionally chosen 24 innovative use cases, serving up 19 live transactions, which will utilize real money or real-world assets. The other five will be on simulations. The participants include trade receivables, fixed income, carbon credits markets, and private markets. Bank deposit tokens and stablecoins back this with the Australian Securities and Investments Commission (ASIC) approval.
HBAR overcomes the $0.20 resistance level and shows good bullish indicators, so the next notable price targets are above $0.22. With shorter liquidations and volume support, the token may move back to the yearly highs.
The market fundamentals are pointing to further upside growth given the institutional disclosures, such as Project Acacia, highlighting the enterprise value of Hedera. The technical breakout signals are coinciding with solid fundamental news, and this is establishing a rare alignment that may extend the rally further.
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