Hedera (HBAR) and PlutoChain ($PLUTO): 2024 Market Review and Technical Analysis

Hedera (HBAR) had a remarkable year in 2024, delivering cutting-edge solutions and making interesting strides in tokenization and global payments.

Following its recent growth, there are speculations about a potential price surge to $5, though challenges like declining TVL and limited staking incentives raise questions.

Today we’ll cover Hedera’s developments from 2024, price movements, and technical data.

We’ll also discuss PlutoChain ($PLUTO). This project might attract attention because it could potentially improve Bitcoin’s scalability and functionality through hybrid Layer-2 technology. The PlutoChain presale continues to surge, with 2 million tokens already sold.

Here’s all you need to know.

Technical Data and Price Analysis Reveals - Can Hedera (HBAR) Reach $5?

Hedera (HBAR) is currently trading at around $0.2924, reflecting a 6.2% increase over the past 24 hours.

In terms of market performance, HBAR has had a 121% surge over 30 days. Technical indicators like the Average Directional Index (ADX) and Ichimoku Cloud suggest a strengthening uptrend.

RSI is currently at around 47, which puts HBAR in the neutral zone.

A crypto analyst on X, Shawn, is bullish on Hedera in this market cycle. He sets a conservative price target of $1.50 and an all-time high (ATH) between $4 and $5.

Another crypto analyst, CW, highlights that Hedera (HBAR) is currently forming a descending triangle pattern on the charts. According to CW, if HBAR successfully breaks out of this pattern, the target price could rise to $0.53.

In Q3 2024, Hedera launched the Asset Tokenization Studio, an open-source toolkit designed to simplify the issuance and management of tokenized bonds and equities on its network.

The network also reported substantial growth in key metrics during this period. Revenue in HBAR increased by 85%, and daily active contracts increased by 24%.

Hedera's involvement in the payments sector expanded through collaborations with major financial institutions from South Korea, Thailand, and Taiwan, focusing on a stablecoin remittance platform.

There are also speculations about potential integrations with tech giants like NVIDIA and Intel, as well as the possibility of a spot HBAR ETF approval by the SEC in 2025.

Hedera wants to connect brands with their audiences through NFTs across various industries, including media, sports, and entertainment.

For instance, there’s the collaboration with Doctor Who: Worlds Apart, a collectible card game that uses Hedera’s blockchain for its NFT-based game assets.

PlutoChain Could be the Missing Link to Activating Bitcoin’s Potential with Hybrid Layer-2 and Smart Contracts

Bitcoin’s challenges with network congestion, slow transactions, and high fees can frustrate users, but PlutoChain ($PLUTO) could propose a game-changing fix.

This hybrid Layer-2 network might enhance Bitcoin's efficiency and expand its capabilities.

PlutoChain could build a parallel network atop Bitcoin’s main blockchain, designed to potentially ease traffic, cut fees, and boost scalability.

It could reduce block times from 10 minutes to just 2 seconds on its own L2 chain and make smart contracts practical on Bitcoin, without potentially compromising its security.

This breakthrough could redefine Bitcoin’s role. It would go from being a store of value to being a versatile dynamic blockchain.

With Ethereum Virtual Machine (EVM) compatibility, PlutoChain could make it simple for developers to migrate their Ethereum projects to Bitcoin.

The platform delivers reliable performance and can handle up to 43,200 transactions daily without congestion or delays.

PlutoChain has successfully passed independent audits from SolidProof, QuillAudits, and Assure DeFi.

To bolster its defenses even more, the platform does regular code review and stress testing. It also adheres to international regulatory standards.

PlutoChain’s decentralized governance model puts its community in control. Early users can shape the project’s trajectory and vote on everything from partnerships to protocol upgrades.

Conclusion

Hedera (HBAR) has ambitions to remain competitive in the market, and it proves that with advancements in tokenization, global payments, and NFT adoption.

But there are hurdles, like declining TVL and questions around staking incentives, so the road to $5 is uncertain right now.

At the same time, PlutoChain ($PLUTO) could be a promising solution to a critical gap in the market.

It could improve Bitcoin’s scalability, integrate smart contracts through its hybrid Layer-2 solution, and potentially transform Bitcoin’s role in DeFi.