• Sun. May 19th, 2024

Hedera (HBAR): Latest Developments to Consider Before Investing

Barry Douglas

ByBarry Douglas

Oct 6, 2022

Hedera presented sustained development activity since November 2018 (Santiment data). The platform ranked 3rd, standing behind Polkadot and Cardano. Market participants know Hedera as the most utilized enterprise-status public blockchain.

Hedera is among the open-source crypto network, allowing developers and users to conduct transactions and deploy dApps (decentralized applications). While publishing this post, HBAR traded near $0.0579, ranking 39.

Coinmarketcap data showed HBAR hit a $0.5701 all-time high in September last year. Current prices represent a 90% decline from the coin’s all-time high. Also, the downbeat mood that dominated the crypto market within the past ten months saw HBAR price plummeting by around 400% on YTD.

The persistent price plunge saw HBAR’s trading volume crashing massively, following the May 12 daily high at $248.78 million. While publishing this blog, the network’s trading volume hovered at $35.7M, declining by 86% since the May 12 peak.

Besides the decline in trading volume and price, the token’s circulating supply by whales with over $5 million also plunged. Santiment data shows the metric stood at 42% during this publication, declining by 22% since early this year.

Traders Beware

The current HBAR price level represents levels explored during July 2021 sessions. According to Coinmarketcap, the alternative token recorded a 2% decline within the past 24 hours. Besides the overall crypto market’s $52.05 million loss within the past 24 hours, HBAR had its liquidations accounting for only 0.00001% of the total market liquidation.

Coinglass data shows HBAR’s liquidations within the last day hovered at $6,615. The daily chart showed buying momentum attained some momentum during this publication. The MFI (Money Flow Index) maintained uptrends near 51.08, briefly beyond the 50-neutral line.

Also, HBAR\s CMF’s (Chaikin Money Flow) dynamic line stood around the central line, posting a +0.02. Moreover, Hedera fans should watch overall market sentiment before placing their bets. Bulls fought for upsides during this publication.

Bitcoin has reclaimed the $20K mark, enjoying a 0.80% 24hr gain to $20,066. However, the market is yet to confirm stable uptrends, and BTC can slide beneath the sought-after $20K. Time will tell what upcoming sessions will exhibit.

Stay tuned for upcoming cryptocurrency news.

Barry Douglas

Barry Douglas

Barry Douglas, a seasoned online trading expert, enriches Big Trends Signals with his extensive industry experience, writing insightful guides and comprehensive reviews to assist traders navigate digital markets.

Leave a Reply

Your email address will not be published. Required fields are marked *

Skip to content