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The HBAR price jumped over 3% in the last 24 hours to trade at $0.1152 at press time.
HBAR’s 24-hour gain comes as Qatar partners with the Hashgraph Association to launch a new $50 million venture studio. Announced at the Qatar Economic Forum, this initiative is designed to advance decentralized finance (DeFi) and Web3 ventures, leveraging Hedera’s advanced distributed ledger technology.
Based in Switzerland, the Hashgraph Association has gained a reputation for spearheading digital innovation on a global scale. The association’s collaboration with Qatar Financial Centre (QFC) marks a significant commitment to fostering cutting-edge technologies in the Middle East and North Africa (MENA) region. The studio, set to operate from 2024 to 2028, aims to develop regulatory-compliant financial products and secure digital asset solutions, including the tokenization of real-world assets.
The Hashgraph Association announces a strategic partnership with the Ministry of Investment of Saudi Arabia (MISA) to launch a DeepTech Venture Studio in Riyadh. Dr. Munirah Alaboudi, General Manager, Human Capital & Innovation at the Ministry of Investment of Saudi Arabia,… pic.twitter.com/V3n7XsVEkI — The Hashgraph Association (@The_Hashgraph) February 7, 2024
“The partnership with QFC aligns perfectly with our vision to drive digital transformation using Hedera’s unique capabilities,” explained a spokesperson for the Hashgraph Association. “Qatar’s strategic position in the MENA region makes it an ideal location for nurturing innovative financial technologies.”
Empowering Innovation and Compliance
The Digital Asset Venture Studio will serve as a catalyst for both local and international enterprises, empowering them to innovate within a framework that adheres to stringent legal and regulatory standards. One of the key features of this initiative is its focus on tokenization solutions, which will enable companies to convert real-world assets into digital tokens securely.
This move is particularly significant given the increasing global interest in digital assets and their potential to revolutionize various sectors, including real estate, finance, and commodities. By providing startups and SMEs with essential resources, funding, and educational opportunities, the studio aims to cultivate a fertile ecosystem for technological and financial growth.
Boosting Qatar’s Fintech Ecosystem
In addition to funding and development support, the venture studio will promote major fintech events in Qatar, such as the Web Summit, to enhance visibility and foster networking opportunities within the digital asset industry. These events are expected to draw global attention to Qatar’s growing influence as a leader in the digital and financial technology space.
“The establishment of the Digital Asset Venture Studio in Qatar is a strategic move to solidify our leadership in digital finance,” said a QFC representative. “Through this initiative, we are not only supporting the growth of DeFi and Web3 projects but also positioning Qatar as a pivotal player in the global digital economy.”
A Strategic Vision for Regional Development
The initiative is part of a broader strategy by the Hashgraph Association to stimulate development across the MENA region. By building on previous successes and continuing to support innovative projects and technological advancements, the association aims to enhance the economic landscape of the Middle East.
Overall, the $50 million venture studio represents a significant commitment to the future of finance and technology. With substantial funding and a strategic focus on education and compliance, Qatar is poised to be at the forefront of the digital assets revolution, setting a benchmark for innovation and regulatory sophistication in the fintech sector.
HBAR Price Technical Overview
In the recent sessions, the HBAR price has shown notable activity on the 4-hour chart, catching the attention of traders and investors alike. The closing prices have progressed from $0.1123 to $0.1167, indicating a subtle uptrend within the observed timeframe.
The 9 Exponential Moving Average (EMA) has consistently climbed from $0.1104 to $0.1141, staying below the price action and signaling a bullish trend as it supports the price from below. Similarly, the 20 EMA has increased from $0.1095 to $0.1118, also supporting the price levels and reinforcing the bullish sentiment in the market.
The Moving Average Convergence Divergence (MACD) has shown an upward trend with the MACD line (0.0021) staying above the signal line (0.0012) in the latest reading, suggesting sustained buying momentum. The histogram values have also increased, further confirming bullish conditions.
The Relative Strength Index (RSI) peaked at 70.47, indicating a strong buying pressure before slightly retreating to 65.31. This suggests that while the market is approaching overbought conditions, there is still potential for upward movement before any major retracement.
Key Levels to Watch for the HBAR Price
As the HBAR price tests the near-term resistance at $0.1172, traders should watch for a potential break above this level, which could open the path to a higher resistance level at $0.1191. Conversely, support levels at $0.1154, followed closely by $0.1141 and $0.1135, will be critical if the price faces downward pressure. A breach below these supports could indicate a shift to bearish momentum.
Given the current technical setup, bullish traders might consider entry points on small retracements towards the support levels, specifically around $0.1154 or $0.1141, maintaining tight stop-loss orders below these points to manage risk. For bearish traders, a potential strategy could involve looking for reversal patterns near the resistance levels of $0.1172 or higher, setting up short positions with stop losses just above these resistances.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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