In an electrifying display of market momentum, Hedera (HBAR) cryptocurrency briefly surged by an impressive 25% over the past week. The climb has triggered a wave of attention within the cryptocurrency landscape, as enthusiasts and investors closely monitor HBAR’s exceptional ascent.
This meteoric rise catapulted Hedera to secure the position of the second best-performing crypto asset within the top 100 coins by market capitalization, trailing closely behind the frontrunner THORChain (RUNE).
The native cryptocurrency of Hedera, the decentralized public network that uses a consensus algorithm to achieve fast and secure transactions, outperformed the likes of Pepecoin (PEPE), Toncoin (TON), and Shiba Inu (SHIB) over the past week.
Why is Hedera surging?
Hedera’s crypto token rallied several times over the past month after the blockchain project struck important partnerships with major companies such as South Korean automakers Hyundai and Kia.
But more recently, HBAR’s pump was largely fueled by the Federal Reserve’s decision to add Dropp, a Hedera-based micropayments platform, to its instant payments service FedNow.
Dropp is a pay-by-bank alternative to credit card payments allowing merchants to handle small-value purchases with no big transaction fees.
Moreover, the platform allows micropayments to be settled in HBAR, the US dollar, and USDC stablecoin.
Hedera price analysis
At the time of writing, the price of Hedera was standing at $0.07, up 10.17% on the day.
Over the past week, the cryptocurrency gained more than 23.4%, elevating its market cap from $1.9 billion to $2.3 billion during that period.
Over the past 30 days, HBAR surged by more than 37%.
This rally took the crypto token’s price to the highest level since May. Bulls started to lose momentum after profit-taking pushed the price back to the $0.056 low earlier this month, although they reclaimed the upper hand at the start of the week.
Hedera’s price dynamics reveal its nearest support zone at $0.050, a former resistance level, followed by $0.035. Having breached the resistance area at $0.060, it now faces further hurdles at $0.080 and $0.100, marking potential pivot points in its price trajectory.
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