Hedera Hashgraph (HBAR) Price Prediction: HBAR Spikes 20% on Rumors It Will Power the Next US Presidential Election

Hedera Hashgraph's (HBAR) is back on the bullish path, making waves this Friday, as most of the major-cap cryptos are trading sideways.

Hedera Hashgraph’s (CRYPTO: HBAR) native token price is rising again Friday after rumors surfaced that the crypto will be used in the next presidential election.

What Happened: Hedera Hashgraph’s HBAR is up 3.21% over the last 24 hours, trading at $0.069 at the time of writing Friday morning.

A rumor on X suggests that Hedera Hashgraph is being considered for powering the first-ever paperless election vote. The report claims that people familiar with the matter say Donald Trump is discussing the matter with Elon Musk’s Department of Government Efficiency.

The discussion reportedly centers around an identity verification system for the election.

“Next Presidential Election Powered by HBAR?”

Trump and DOGE are exploring a Federal Blockchain based election voting and identity system!

The system will be built in partnership between X, CARDANO, Hyperledger and Hedera.”

The effort to build blockchain technology for election voting is also said to be a joint project between Hedera, Cardano, X, and Hyperledger.

If the project is successful, the Department of Government Efficiency will push for legislation to implement the e-voting platform in all 50 states, which would eliminate the need for recounts in swing states.

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Crucial to Note: While the intraday trades have erased the $0.072 three-month peak, the altcoin’s price is still bullish, according to several on-chain metrics.

For example, the True Strength Index (TSI) is between 17 and 19, indicating that the buying strength for HBAR is outpacing the selling pressure.

The bullish HBAR price momentum is confirmed by the Rainbow Oscillator, which counts the highest highs and lowest lows of a given trading period to determine the current crypto price trend.

This technical instrument’s widening distance between the green and red curves suggests a continuation of the current HBAR price trend.

Both on-chain signals favor Hedera’s northward trajectory, but other factors must be considered.

The fate of the HBAR ETF, which was filed this week by Canary Capital in the United States, could serve as a massive game-changer.

Trading volumes could contribute to a broader rally as the HBAR price is 88% below its all-time high of $0.56.