Hedera: HBAR analysis numbers and downtrend
HBAR up - down by social
Hedera [HBAR] had to increase its price by 8% from $0.055 to $0.608 last week, thanks to a social push from its community. According to LunarCrush, HBAR has over 200 million social interactions, with 44,346 mentions and 418 active contributors.
Prior to this milestone, HBAR had been following a downtrend from September 27 to October 2. For LunarCrush, this could signal the end of their short-term bearish sentiment. However, other enterprise-grade public network indicators do not share the same view.
HBAR Continued downtrend?
According to Santiment, HBAR development activity, which was impressive on October 5, has dropped from 47.43 to 35.45 at press time. This drop shows that developments related to the Hedera network have slowed down. Therefore, talking about a short-term recovery may not be a concrete way.
HBAR price prediction for 2022-2030
In addition, its volume has increased starting from October 8. The increase has pushed the volume of the chart to $ 55.82 million. However, the 51.67% drop in the last 24 hours to $27.10 million is not something to be ignored.
The consequence of this is that those who bought HBAR previously accumulated are now selling, while some may have retained their recent purchases. Therefore, the sell-off is likely responsible for the price reversal to $0.059.
Based on NFT's performance, the most recent HBAR increase to millions of transactions was on October 1st. After that, the total NFT trading volume was $1.96 million. Since that point was reached, HBAR NFT operations have prioritized the lower parts of the trend. At the time of publication, the total volume of NFTs is $91,800.
During a slump at this level, Hedera secured a partnership with the fund management giant, Abrdn. According to the details, Abrdn is applying Hedera's hashing technology to incentivize crypto investment. In terms of whales, HBAR seems like a non-rising cryptocurrency.
This was revealed by Santiment as the total percentage of whale supply dropped to 42.07, from 42.58 on the first day of the month.
HBar trading data
Interestingly, there seem to be some mixed signs on the charts, with most suggesting that HBAR may not fall into the hands of bears. As for Bollinger Bands (BB), HBAR broke out of the low on October 7 and is currently showing extreme volatility. Therefore, there is a possibility that the price could turn parabolic.
Furthermore, the indicators from the Awesome Oscillator (AO) show the continuation of the bullish momentum, considering that the simple moving average (SMA) is on the chart. However, at 0.001434, AO could also push HBAR lower on the chart.
Oct 09, 2022