Hedera's native token HBAR is trading at $0.1403 as of 3:30 am EST, up 56% over the last 24 hours.

Data from TradingView reveals that Hedera's price rose from a low of $0.0874 on April 24, rising more than 107% to an intra-day high of $0.1817.

Its trading volume has jumped more than 6565% over the last 24 hours to rest at $2.75 billion. Its market capitalization now stands at $5 billion, making it the 23rd most valuable cryptocurrency according to the CoinMarketCap ranking.

With this performance, HBAR is now the biggest gainer among the top 100 digital currencies by market capitalization.

Top gainers April 24. Source: CoinMarketCap

Hedera's performance follows news that a BlackRock money market fund has been tokenized on the Hedera blockchain.

An April 23 post on X by HBAR Foundation — the organization behind the Hedera network — revealed that blockchain trading and infrastructure firms Archax and Ownera had tokenized BlackRock's ICS U.S. Treasury Fund on its network.

This collaboration marks another successful instance following a similar move by abrdn, the UK's largest active asset manager, which previously tokenized money market funds on Hedera's blockchain.

These developments underscore the increasing integration of blockchain technology within the financial sector, highlighting its potential to transform traditional asset management.

HBAR's 107% rally in the past day has pushed its price to $0.1817, levels last seen more than two years ago.

Despite this uptick, the price is still 75% below its all-time high of $0.5701 reached during the 2021 bull run.

The moving averages had begun turning upward and the relative strength index (RSI) was still in the positive region at 66. This suggested that there were still more buyers than sellers in the market.

If continued buying is allowed from the current levels, the HBAR price will rise toward the 38.2% Fibonacci retracement level at $0.145 and later the  23.6% extension level at $0.16.

Above that, the price could return to the intraday high at $0.1817.

On the downside, bears could continue booking profits on the latest rally, evidenced by the drop in RSI from 77 to 66. If this happens, the price could drop to seek solace from the 50% Fibonacci level at $0,1346 and later the 61.8% level at $0.1234.

Lower than that, the 50-day exponential moving average (EMA) and the 100-day EMA at $0.1027 and $0.0982 are the next levels to watch before revisiting the 200-day EMA at $0.0874. This would complete the retracement and undo all the gains made yesterday.