$HBAR jumped around 40% intraday today, here are my thoughts on why I think it happened. It jumped from ~9.6 cents to 12.5 cents a share, and the reason appears to be IBM. Last week, The Hashgraph Group, which develops Hedera-based products, listed its ID product on IBM's cloud marketplace. The news came on the heels of Hedera's joining of a UK digital markets task force and a post on Nvidia's AI safety program with which a Hedera council member was involved. This appears to have been the catalyst for the traders to jump in. But I'm not jumping to conclusions. The IBM product is developed by a third party, and the Nvidia post made no claims about any product development. And the stock is very overbought right now, so I wouldn't be surprised to see it fall back towards 10 or 11 cents. The reason I like the name for the long haul is that it has big names like IBM and FedEx on the council, and there's now an ETF (ticker HBR) that allows everyday investors to get exposure to it. It's still about 78% below its 2021 peak, even after today's gains. What I'd like to see next is more adoption by actual users of the network, rather than just announcements. Once that takes off, the token will take off, in my opinion. If the headlines dry up, so will the gains. So I'm waiting on the sidelines, not buying this breakout, but looking forward to the next one. Would you buy this one, or wait for the next one? My own research, not financial advice.
18 views
2 Comments
Jacob Smith
@smith132 · 1h
I added this morning!
See the full comment section 👀Sign up for the full Blossom experience!
