- The DOGE department is considering implementing Hedera for the next US election.
- Hedera’s HBAR altcoin hit a new three-month high, adding $0.10 to its cards.
- Two on-chain signs are screaming bullish for HBAR, but a market correction is expected.
Hedera Hashgraph (HBAR) is showing strength again this Friday as most major cryptocurrencies are trading sideways. HBAR, the native altcoin behind Hedera’s distributed ledger technology, sparked a rally of more than 7 cents and immediately claimed a new three-month high HBAR price of $0.072.
Will HBAR lead the next presidential election?
Hedera Hashgraph’s X hint is rumored to be being considered to power the first paperless election voting. Donald Trump is secretly holding discussions with Elon Musk’s Department of Government Effectiveness (DOGE) focused on an identity verification system, according to people familiar with the matter.
The quest to build an election vote based on blockchain technology is reportedly a collaboration between Hedera, Cardano, X, and Hyperledger. If the project gets off the ground, the Department of Government Effectiveness will pursue legislation to implement an electronic voting platform in all 50 states. This will eliminate fraud and fix the voting process in swing states where votes need to be recalculated.
How far is HBAR price from the $0.10 target?
Although intraday trading has wiped out the three-month high of $0.072, the altcoin price is still in a bullish position judging by several on-chain indicators. For example, the True Strength Index (TSI) is between 17 and 19, which means that HBAR’s buyers are overwhelming its sellers.
Bullish HBAR price momentum is solidified by the Rainbow Oscillator, which determines the ongoing cryptocurrency price trend by calculating the highs and lows of a specific trading period. The widening distance between the green and red curves of this technical instrument suggests a continuation of the current HBAR price trend.
Both on-chain signals favor a northerly trajectory for Hedera, but other factors must also be considered. To name a few, the fate of the HBAR ETF led by Canary Capital in the US this week could act as a huge game changer. Volume could be contributing to a broader rally, as HBAR price is 88% below its all-time high of $0.56.
On the flip side
- If the newly elected U.S. government goes ahead with this plan, it would not be the first example of blockchain-based political voting.
- A few months ago, Tron’s Justin Sun became prime minister of Liberland, a small country in the disputed territory between Croatia and Serbia.
Why This Matters
Hedera Hashgraph’s utility cases range from Google Cloud computing services to tracking Kia and Hyundai carbon emissions, making the native network’s altcoin a very attractive long-term investment.
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