Here’s Why Hedera Hashgraph (HBAR) Price, Open Interest Spiked

Hedera Hashgraph (HBAR) price continued its recovery on Thursday morning as investors cheered the network’s integration of Stablecoin Studio. The token jumped to a high of $0.052, the highest level since 1st September. It was the best-performing major cryptocurrency on Thursday morning.

Stablecoin Studio news

Stablecoins have been growing fast in the past few years. Tether, the biggest stablecoin in the world, has a market cap of more than $80 billion. It is followed by Circle’s USD Coin and Maker’s Dai. And most recently, PayPal became the first major company to unveil a stablecoin, PYUSD.

Hedera Hashgraph aims to become a leading provider of stablecoin technology. In a statement, the developers said that they had integrated Stablecoin Studio in Hedera, providing enterprises with a comprehensive suite of products to build stablecoin applications.

Precisely, Stablecoin Studio’s tools include oracle-based proof-of-reserves functionality, KYC/AML compliance tools, and custody provider integration tools. Developers will benefit from Hedera Hashgraph’s superior speeds of over 10,000 transactions per second (TPS) and lower costs.

The product is now being used by companies like Shinhan Bank and Standard Bank. In a statement, the Blockchain lead at Standard Bank said:

“Stablecoin Studio can help project teams speed up development efforts considerably, increasing speed to market and allowing businesses to focus on delivering these benefits to their customers. As Standard Bank is a governing council member, we are thrilled to introduce this accelerator to our project teams.”

The rising HBAR price triggered a major jump of open interest in the futures market. Data by CoinGlass shows that open interest rose by 77% in the past 24 hours to $30 million. Most of the interest came from Binance, the biggest crypto exchange in the world, with $14 million. It was followed by Bybit, BingX, and Bitget.

Hedera Hashgraph price also rose as other cryptocurrencies steadied. For example, Bitcoin has remained above $26,000, a few days after it slumped below $25,000.

Hedera Hashgraph price forecast

The 4H chart shows that the HBAR price has made a bullish breakout in the past few days. It has managed to flip the important resistance level at $0.047 into a resistance. This was a crucial price since it was the lowest level between September 2nd and 10th.

As it rose, HBAR price moved above the 25-period and 50-period moving averages while the Relative Strength Index (RSI) has jumped above the overbought level. It has also retested the lowest swing on August 17th.

Therefore, I am a bit cautious about Hedera now and expect the rally to fade as buyers start taking profits. If this happens, the next support level to watch will be at $0.50.