HBAR is the best-performing cryptocurrency amongst the top 50 cryptocurrencies by market cap in the last 24 hours.
HBAR, the native coin of the Hedera blockchain, is the best performer amongst the top 50 cryptocurrencies by market cap over the past few hours. It has added more than 9% to its value today and could rally higher over the next few hours.
The rally comes after the HBAR Foundation, the development team behind the Hedera blockchain, announced that the Dubai International Financial Centre (DIFC) Courts has launched Tejouri, a global digital vault, on the Hedera network.
We're excited to announce that the UAE's @DIFCCourts have launched their global digital vault, @Tejouri_, at @GITEX_GLOBAL 2022. This unique platform functions simultaneously as a cloud vault and an online safe for data 🇦🇪 #GITEX2022 pic.twitter.com/9XickO93m1
— HBAR Foundation (@HBAR_foundation) October 11, 2022
The HBAR Foundation said the Tejouri platform would make it possible for users to upload and secure storage of documents, including insurance contracts, title deeds, Wills, financial certificates, images and multimedia files.
HBAR’s rally comes as the broader cryptocurrency market slowly recovers from its recent slump. The total crypto market cap stands at $923 billion, up by less than 1% in the last 24 hours.
Bitcoin continues to trade above $19k and is also up by less than 1% so far today. Ether is up by less than 1% in the last 24 hours but continues to struggle to surge past the $1,300 resistance level.
Key levels to watch
The HBAR/USD 4-hour chart has turned bullish as Hedera has been performing well over the past few hours.
The MACD line crossed into the positive zone a few hours ago, indicating that the bulls control the Hedera market at the moment.
The 14-day relative strength index of 66 shows that HBAR could be entering the overbought region in the coming hours or days if the momentum is sustained.
At press time, HBAR is trading at $0.06344 per coin. If the bulls remain in charge, HBAR could surge past the first major resistance level at $0.07426 before the end of the day. However, it would need the support of the broader market to surpass the $0.08271 resistance level for the first time since August.