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Rising Star Hedera (HBAR) And Its 11% Climb – A Closer Look

Hedera (HBAR), currently ranked as the 31st cryptocurrency asset in terms of market capitalization, has recently witnessed a remarkable surge in its price, captivating the attention of investors and enthusiasts alike. 

A surge in an asset’s social engagement often serves as a precursor to a rally in its price. In the case of HBAR, this correlation seems to be playing out vividly.

As the cryptocurrency landscape continues to evolve, HBAR’s notable growth over the past few weeks has raised eyebrows and prompted discussions about its potential.

Surge In Social Activity Sparks Price Rally Speculation

In the ever-dynamic world of cryptocurrencies, there exists a symbiotic relationship between social activity and price movements. 

With its current price listed at $0.058907 according to CoinGecko, the cryptocurrency experienced a slight 5.5% decline over a 24-hour period.

However, what has truly caught the attention of market observers is its impressive seven-day surge of 11.8%. These figures, though significant, only hint at the larger story unfolding around HBAR.

Lunar Crush, a platform that monitors social media activity surrounding cryptocurrencies, reported a staggering increase of over 200% in Hedera’s social engagement metric within the last week. This surge in online discussions, mentions, and interactions reflects a heightened level of interest and curiosity surrounding HBAR. 

As the cryptocurrency community buzzes with conversations about HBAR’s potential, it becomes evident that this surge in social engagement has played a pivotal role in driving its recent price rally.

Hedera: Technical Indicators Paint A Complex Picture

Peering into the technical aspects of HBAR’s recent price surge, key momentum indicators reveal interesting insights.

According to a recent price analysis, these indicators have maintained a position above their neutral center lines since the start of August, underscoring the ongoing bullish sentiment. 

However, caution flags are raised by the Relative Strength Index (RSI), which presently hovers above the 70-mark. This could suggest that HBAR is venturing into overbought territory, possibly indicating a need for a corrective pullback.

Similarly, the Money Flow Index (MFI) stands at 72.63, drawing closer to the overbought region. These indicators collectively invite a nuanced interpretation of HBAR’s current price trajectory.

In a market that thrives on speculation and anticipation, HBAR’s recent price surge and the corresponding surge in social activity have ignited intriguing conversations. As HBAR continues to make its presence felt among cryptocurrency enthusiasts and investors, its journey forward remains one to watch closely. 

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from NPR

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Hedera Soars 23% As HBAR Blooms All-Green On The Charts All Week

Hedera is a strong competitor in the DeFi space as it boasts some of the best metrics in the industry. According to recent analysis, the ecosystem hit 5,500 transactions per second. TPS is used to compare DeFi projects from each other. So far, Hedera beats Ethereum in terms of average transactions per second.

The realm of NFTs is also expanding for the Hedera Hashgraph ecosystem. Just last year, the network scored a partnership with LG for their Art Lab, the company’s foray into the metaverse. 

With a complete and detailed roadmap for development, HBAR’s price upticks might be a continuous wave for the ecosystem to ride on. 

External Devs Pushing Hedera Forward

At the Consumer Electronic Show, or more commonly known as CES, LG announced plans to further expand its reach into Web3 with Hedera. According to reports, the company would leverage the network-based crypto wallet Blade Wallet. 

The wallet is said to be the only crypto wallet to be third party audited, making it one of the most secure in the industry. With LG’s Art Labs winning an award in CES this year, we can expect more external developments for the network, driving usage for the ecosystem in the long-term. 

HBAR: What Can Happen

Hedera’s native token has been following the altcoin drive up to recover lost ground. When FTX collapsed, HBAR lost more than 35% of its value. When the crypto rally started, the token rose by 52% in just a span of 17 days. 

Dr. Leemon Baird, a computer scientist, and Mance Harmon, a technology executive, established Hedera in 2018. In 2015, they founded Swirlds, which subsequently expanded into Hedera, which was eventually renamed Hedera Hashgraph.

Meanwhile, at its current price of $0.549, HBAR is testing its $0.0555 resistance which may or may not break. If the uptrend in price continues, HBAR bulls should be able to target $0.0641 resistance to regain lost ground. 

However, if HBAR faces a correction at this level, investors and traders could expect support at $0.0506 for the token to maintain a healthy upward momentum. 

For the meantime, investors and traders should watch the NFT market and how it reacts to LG’s aggressiveness in its metaverse venture. As the company develops more technologies to make NFTs mainstream, its usage of Hedera would drive more attention to the ecosystem which ultimately benefits HBAR.

Investors and traders should also watch the price movement of Bitcoin as the two assets have high correlation. Overall, HBAR is a good long-term hold for investors and traders. 

Featured image from Puracy

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Hedera (HBAR) Continues To Consolidate Near Its Lowest Level This 2022

Hedera (HBAR), the native and energy-efficient cryptocurrency of an open source public distributed ledger bearing the same name, started the year on a high note, peaking at $0.3282 on January 5.

But the crypto asset failed to keep up its momentum and gradually declined over time until it fell below the $0.10 marker on May 13 when it bottomed at $0.0870.

  • HBAR continues to struggle in reclaiming the $0.10 territory
  • Hedera technical indicators currently show no signs of an immediate reversal
  • The crypto asset increased its market cap by $400 million in just 24 hours

Since then, the altcoin struggled to climb back up and its woes were compounded by the negative effects of the collapse of the FTX cryptocurrency exchange platform.

On November 10, Hedera recorded its 2022 low when it changed hands at $0.0439 and is not showing any signs of initiating a bullish run anytime soon.

Its relevant technical indicators are also nothing to be excited about as they are not indicating an upward push that may happen over the next few days or weeks.

Not Much To Look Forward To For Hedera?

According to latest tracking from Coingecko, at the time of this writing, HBAR is trading at $0.0482 and is dangerously close to the lowest level it has been this year.

The crypto has lost 2.7% of its value during the previous seven days and its bi-weekly gains only stand at 3.3%, although it managed to increase its market capitalization by $40 million over the last 24 hours and now has $1.20 billion in overall valuation.

Sadly, the altcoin’s Relative Strength Index (RSI) is no better than its 12-month low despite some episodes of minor upticks in this particular department.

Source: TradingView

Hedera’s Money Flow Index (MFI) is also leaning towards the bearish side as it signals a noteworthy accumulation rate over the previous two weeks.

Finally, the weighted sentiment metric for the cryptocurrency has been on a status quo during the last few days, hinting that there is no significant level of demand for the asset to help trigger a surge in its price.

Preparing Amid The Bear Market

 While Hedera failed to emulate the likes of Litecoin (LTC), ApeCoin (APE) and Axie Infinity (AXS) that recorded price jumps during this crypto winter, its network took advantage of the time to prepare for the long game.

Using Twitter, HBAR Foundation shared a clip from the recent interview of the network’s VP for Ecosystem Acceleration, Rob Allen.

While Allen certainly admitted they were affected by the bear market, he claimed that they continued to work in improving their system with the primary goal of increasing the utility of their native token, HBAR, across various sectors.

With this, he has expressed his excitement about what awaits their crypto asset when the next bull market comes, saying he has high hopes and expectations for its long-term recovery.

HBAR total market cap at $1.09 billion on the daily chart | Featured image: The Daily Hodl, Chart: TradingView.com

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Hedera: A Quick Evaluation Of The Network – And How HBAR Performed This Week

According to Messari, the performance of Hedera in the third quarter this year defied the prevailing market mood and is currently witnessing growth not seen on other protocols.

DefiLlama claims that the protocol’s TVL increased by an impressive 137%. For comparison, Hedera’s quarterly network expansion occurred during a period when other networks were contracting.

In addition to boosting the value of its native coin HBAR, this quarterly report also helped it do so in the past few days.

As of this writing, HBAR is trading at $0.060236, down 3.7 percent in the last seven days, data from Coingecko show, Wednesday.

Based on data, we can see that while HBAR’s value decreased on weekly and biweekly timescales, these losses are totally wiped out when looking at the cryptocurrency’s price over a 24-hour period or an entire month. This bodes well for the network’s investor confidence.

Hedera On Solid Footing

Investors and dealers were impressed by the network’s rapid expansion because it ran counter to the existing bear market trend. While comparable networks experienced user declines during the quarter, Hedera saw no such trend.

The report states that the network’s weekly active user base increased from 7,598 in Q2 to 14,601 in Q3. This represented a rise in the metric of 92.2%. More good news in terms of expansion follows.

HBAR’s transfer volumes and overall network fees have also increased. HBAR’s overall transfer volume was up from 42,623,168,658 in Q2 to 53,523,008,558 in Q3, which is a  total increase of 25.6%.

Chart: TradingView

From Q2 to Q3, total network fees climbed by approximately 543%. NFTs led the network’s expansion shift. As stated in the report:

“The Hedera NFT sector (a component of the Hedera Token Service) has been an engine of growth for the network. During Q3, NFT active users (+90% QoQ) and transactions (+107% QoQ) each set all-time-highs.” 

What To Anticipate In HBAR

Even though the network lags behind Ethereum and Solana in the NFT industry, Hedera could become a big player if its expansion continues.

The price movement of HBAR conforms to a descending triangle pattern. As the price fluctuated between $0.0556 and $0.0671, this might be interpreted as a bullish indicator for investors and traders.

This narrow range affords the coin the possibility of a bullish breakout.

These favorable outcomes will certainly attract more people to invest in the network and token, resulting in a price increase.

HBAR total market cap at $1.3 billion on the daily chart | Featured image from The Daily Hodl, Chart: TradingView.com

Disclaimer: The analysis is based on the author’s personal knowledge and should not be construed as investment advice.

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Hedera: Investors Should Check Out These Data Before Buying HBAR

Hedera shows lots of potential, despite some major hiccups lately. Investors will be better equipped if they examine some key data before acquiring HBAR.

Here’s a quick look at some important numbers:

  • HBAR currently trades at $0.05798
  • Trading volume currently at $36.2 million
  • Hedera circulating supply at 22.97%

Hedera is a new and revolutionary open-sourced crypto network that utilizes a distributed ledger technology that is designed to allow both developers and users to use DApps.

HBAR Up 2.05% As Of Press Time

HBAR’s development activity has seen tremendous growth in such a short span of time since November 2018. Notably, HBAR has ranked third, next to Polkadot (DOT) and Cardano (ADA).

Hedera is designed to solve the nagging problems in terms of scalability, which is a huge problem among blockchains.

Right now, Hedera is seen to be one of the winners in terms of scalability and security when pitted with other blockchains which is why it remains to be one of the most popular and widely used enterprise-grade blockchain in the world.

According to CoinMarketCap, HBAR, the 39th largest cryptocurrency, trades at $0.05798 or shows a spike of 2.05% as of press time.

With its current price, HBAR is noticeably 91% sidetracked from its all-time high.

Hedera Trading Volume Down 89%

On a year-to-date basis, HBAR has also evidently dropped by 408%. The downtrend of HBAR has started following its daily high that registered at $249.68 million seen on May 12.

The trading volume of HBAR is currently at $36.2 million, showing a decline of 89% since its ATH on May 12.

More so, the circulating supply of HBAR has also plunged together with the trading volume and price. The circulating supply is at 22.97 billion or at 46% since January.

The daily chart for HBAR shows the spike of buying pressure that is growing to date.

Meanwhile, it’s worth noting that HBAR liquidations only made up 0.00001% of the total market’s $52.04 million in liquidations during the past 24 hours.

Coinglass reports that the total value of all HBAR trades in the preceding 24 hours was pegged at $6,615.

HBAR market cap at $1.32 billion | Featured image from Freepik, Chart: TradingView.com

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The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

The second biggest stablecoin by market capitalization is already a multi-blockchain project. Soon, though, USDC will live almost everywhere. According to Coindesk, it will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, and Solana.

The biggest stablecoin, Tether or USDT, is only available in 8 of those. Currently, the most used stablecoin is Tron’s version of USDT. 

Related Reading | Is USDC’s Billion Dollar Growth A Sign Crypto Smart Money Is Ditching Tether?

With that in mind, CENTRE said:

“We anticipate that USDC on these blockchain platforms and multichain protocols will further accelerate the use of the world’s fastest growing digital dollar currency.”

The consortium that runs USDC, CENTRE, is a joint venture between Coinbase and payments processor Circle. The information comes from, “a draft announcement from USDC administrator CENTRE obtained by CoinDesk.”

USDC market cap for 06/30/2016 - TradingView

USDC market capitalization | Source: TradingView.com

What Is USDC And How Does It Work?

For this, we have to go back to the academy. Coinzilla informs us:

USDC is one of the fastest-growing stablecoins pegged 1 to 1 to the US Dollar.

What is more remarkable is that Circle, the company that developed the stablecoin, is actually holding the amount of money required for backing the USDC in circulation. 

That’s definitely a shot at USDT. Tether’s audit and legal issues have been a topic of contention in the cryptocurrency community for a while now. Can they back all the Tether they’ve minted? A burning question that’s harder to answer than you’d think. 

For what is worth, USDC’s April independent audit is on the public record and says:

  • USD Coin (“USDC”) tokens issued and outstanding less tokens allowed but not issued (218,807,037) and less blacklisted tokens = 14,697,267,257 USDC  

  • US Dollars held in custody accounts are at least equal or greater than the USDC tokens outstanding at the Report Date and Time. 

Back to Coinzilla’s academy, the stablecoin’s characteristics are:

In essence, USD Coin is an ERC-20 token that functions through the Ethereum Network. Nowadays, USDC transactions can also be settled through Algorand, Solana, and Stellar’s infrastructures.

Since the launch of USDC 2.0, the payment process is simplified, the gas fees being paid directly in USDC. 

Related Reading | Circle’s Stablecoin USDC Passes Independent Audit, Fully Backed by USD

Stablecoins Are Supposed To Rule The USA in 2021

The official love affair between the US government and stablecoins started last January, when Jeremy Allaire from Circle announced that, “the largest US banking regulator with new guidance allowing US banks to use public blockchains and dollar stablecoins as a settlement infrastructure in the US financial system.” According to him, “Decentralized, permissionless, open source and internet mediated software is literally becoming the foundation for not just the US financial system but for the global economy.”

Recently, Randal K. Quarles, the Federal Reserve’s Vice Chair for Supervision, considerably raised the stakes:

In my judgment, we do not need to fear stablecoins. The Federal Reserve has traditionally supported responsible private-sector innovation. Consistent with this tradition, I believe that we must take strong account of the potential benefits of stablecoins, including the possibility that a U.S. dollar stablecoin might support the role of the dollar in the global economy. For example, a global U.S. dollar stablecoin network could encourage use of the dollar by making cross-border payments faster and cheaper, and it potentially could be deployed much faster and with fewer downsides than a CBDC.

Will stablecoins like USDC and USDT substitute the Digital Dollar project? Could they be an alternative to CBDCs? We’ll have to wait and see.

Featured Images by NeONBRAND on Unsplash - Charts by TradingView