- HBAR peaked at over 6-month highs.
- The market’s mixed signals left room for further highs and dips.
As an analyst with a decade-long career in the financial markets and a keen interest in blockchain technology, I find myself intrigued by the recent surge in Hedera Hashgraph (HBAR) prices. The news of potential SEC Chair nominee Brian Brooks, a champion for blockchain innovation, has sent ripples throughout the cryptocurrency community.
The digital currency Hedera Hashgraph (HBAR) reached its highest point since late April, sparking a rise, as rumors circulated that a member of the Hedera board might be nominated for the position of Chairperson at the U.S. Securities and Exchange Commission (SEC).
Earlier reports by AMBCrypto mentioned possible succession plans for Gary Gensler involving Donald Trump. Now, there’s speculation that Brian Brooks, a former executive at Binance.US, could be one of the contenders to take over from Gensler.
Race heats up for the next SEC chair
FOX Business journalist Eleanor Terrett disclosed that, prior to its transformation into X, she announced Brooks was under consideration for multiple positions within financial agencies.
Apart from the Commodity Futures Trading Commission (CFTC), he had been evaluated for various positions at other financial institutions, including the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC). Furthermore, his qualifications were also considered for roles within the Financial Stability Oversight Council (FSOC), the Financial Industry Regulatory Authority (FINRA), and the Federal Reserve.
Nominating Brooks for the SEC position could bring about a substantial change, especially in the realm of cryptocurrencies. Being a former Acting Director of the OCC during the Republican administration, he has been an advocate for blockchain advancement, pushing for regulations surrounding stablecoins and motivating banks to delve into blockchain technology.
Currently, this fresh data is causing excitement among blockchain supporters, as they anticipate a possibly advantageous regulatory environment during his term.
HBAR’s market state
Significantly, the market showed a strong reaction to the recent news. The value of HBAR surged to an impressive high of $0.15, which was its peak price in more than half a year. As of this writing, it has slightly dropped back to $0.14.
As an analyst, I’m sharing some intriguing insights about a particular token. According to CoinMarketCap data, it managed to secure the third position among both daily and weekly gainers. It experienced a significant 16% surge over the past 24 hours, and even more remarkably, it skyrocketed by an impressive 148% over the last seven days.
Despite AMBCrypto’s findings, HBAR appeared to be overbought based on their analysis, as seen on the daily chart. The price candles were positioned above the extended Bollinger Bands, signaling increased volatility and suggesting a possible upcoming adjustment in the near future.
Moreover, the Change in Market Function (CMF) dipped slightly to 0.33. This indicates less demand from buyers, suggesting that a price decrease could be imminent.
Should a correction take place, it’s plausible that $0.09 could function as a buffer for the price. A fall beneath this could potentially drive the price down to $0.06.
If we’re unable to maintain this current level, it might indicate a shift in the trend direction. Furthermore, should the bearish pressure grow stronger, potential support levels at $0.05 and $0.04 may be reached.
Despite the risks of a short-term correction, other market indicators suggested a bullish outlook.
Previous analysis by AMBCrypto indicates that an increase in Open Interest (OI) and the DeFi Total Value Locked (TVL) could potentially lead to a surge in the price of HBAR.
A new era for crypto
In light of the recent advancements, Brooks expressed his views on X, emphasizing the importance of the foundation built for the incoming SEC chair.
The individual that President Trump selects as the SEC chair will not be starting their tenure without any foundation. During his previous term, President Trump established the framework for two all-time high (ATH) cycles.
With anticipation growing, the cryptocurrency market and regulatory bodies keep their eyes peeled for the official appointment of the new SEC Chair, with Brooks being the main focus of interest in this situation.
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2024-11-19 19:04