- The DOGE department mulls implementing Hedera for the next U.S. election.
- Hedera’s HBAR altcoin sees a new 3-month peak, putting $0.10 on the cards.
- Two on-chain signs scream bullish for HBAR, but a market correction looms.
Hedera Hashgraph’s (HBAR) is back on the bullish path, making waves this Friday, as most of the major-cap cryptos are trading sideways. HBAR, the native altcoin behind Hedera’s distributed ledger technology, sparked a rally above seven cents, immediately claiming a new three-month peak HBAR price at $0.072.
Next Presidential Election Powered by HBAR?
Swirling rumors on X hint at Hedera Hashgraph being considered for powering the first-ever paperless election vote. According to people familiar with the matter, Donald Trump is discussing with Elon Musk’s Department of Government Efficiency (DOGE) behind closed doors, focusing on an identity verification system.
The quest to build blockchain technology-based election voting is reportedly a mutual work between Hedera, Cardano, X, and Hyperledger. If the project goes smoothly, the Department of Government Efficiency will push for legislation implementing the e-voting platform across the 50 states. This would eliminate foul play and straighten out the voting process in the swing states, which often requires re-counting votes.
How Far Away Is HBAR Price from $0.10 Goal?
While the intraday trades have wiped away the $0.072 three-month peak, the altcoin’s price is still in a bullish position, judged by several on-chain metrics. For instance, the True Strength Index (TSI) is between 17 and 19, implying that HBAR’s buying strength overshadows the selling pressure.
The bullish HBAR price momentum is solidified in the Rainbow Oscillator, which counts the highest and lowest lows of a certain trading period to determine the ongoing crypto price trend. This technical instrument’s widening distance between the green and red curves hints at the continuation of the current HBAR price trend.
Both on-chain signs favor Hedera’s northward trajectory, but other factors must be considered. To name a few, the fate of the HBAR ETF, instigated this week by Canary Capital in the United States, could serve as a massive game-changer. Trading volumes could contribute to a broader rally as the HBAR price is 88% below its all-time pinnacle of $0.56.
On the Flipside
- If the newly elected United States government pursues this initiative, it would not mark the first case of blockchain-based political voting.
- A few months ago, Tron’s Justin Sun became the Prime Minister of Liberland, a micro-country in a conflicted territory between Croatia and Serbia.
Why This Matters
Hedera Hashgraph’s utility cases range from Google Cloud computing services to Kia and Hyundai carbon emission tracking, making the underlying network’s altcoin highly attractive for long-term investments.
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