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Speculation heats up on this cryptocurrency as Citi speaks at private meeting

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New speculation is swirling within the cryptocurrency market regarding Citi’s (NYSE: C) potential involvement with the Hedera (HBAR) Governing Council.

This speculation gained momentum following a reportedly private meeting held by Hedera in New York. Discussions centered on tokenizing real-world assets and other related topics, as crypto trading analyst CrediBull reported in an X (formerly Twitter) post on May 11.

According to the analyst, speculation escalated when a now-deleted picture, initially shared by the Hedera account, surfaced, showcasing a slide titled “Building the Future of Finance on Hedera.” Citigroup’s Head of Strategy and Partnerships for digital assets was nestled between two known Hedera Governing Council members.

The immediate deletion of the image has prompted many to question whether Citi might be the next addition to the Hedera Governing Council. While neither party has officially confirmed these rumors, the possibility of Citi’s involvement could significantly impact Hedera and the general crypto market.

Indeed, Hedera’s move to delete the image could potentially be likened to a possible accidental leak, as Citi’s participation in the Hedera Governing Council, or at the very least, its collaboration on an undisclosed use case, seems plausible.

HBAR price prediction

Against this backdrop of anticipation, AI-driven price prediction tool CoinCodex offered a glimpse into HBAR’s potential trajectory. According to the tool, HBAR is poised for a bullish run in the coming months as it moves close to breaching a key resistance level, with the $0.5 mark being the next possible target.

CoinCodex forecasts that HBAR could surge to $0.14 within the next month, signaling a notable uptick in value. Looking further ahead, the prediction extends to a year, projecting a substantial increase to $0.43 per token.

Key price levels to watch

At the same time, crypto analyst Egrag Crypto, in an X post on May 8, highlighted three significant price levels for HBAR as potential opportunities: the previous all-time high at $0.63, the range between $1 and $1.30, and the broader range of $2 to $3.

Notably, the analyst urged investors to stay vigilant amid market changes and emphasized the need for HBAR investors to prepare for volatility.

It’s worth noting that HBAR has recently experienced bullish sentiment, diverging from the general market trajectory. This surge in the token’s price followed speculation regarding the potential tokenization of BlackRock’s (NYSE: BLK) U.S. Treasury money market fund on the Hedera blockchain. However, the token retraced some gains as investors realized BlackRock’s indirect involvement.

Overall, the HBAR community continues to rely on the input of institutional investors like Citi to drive the token toward new levels, in addition to the overall market trajectory.

Meanwhile, as of press time, HBAR was valued at $0.108, showing daily gains of almost 2%. The token appears poised to rally towards $0.15, although bullish momentum must overcome the $0.12 resistance level.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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