Hedera’s resilience bears fruit as HBAR dwindles. What happens next?

9 months ago 65

  • Hedera’s gross successful Q2 surged by astir 67% and the regular mean of caller accounts besides surged.
  • Although HBAR’s terms operated successful the green, indicators painted a antithetic picture. 

Most cryptocurrencies successful the marketplace functioned successful the reddish looking astatine their terms show of the past 7 days. And Hedera [HBAR] was nary different. The altcoin traded 6.46% little implicit the past 7 days arsenic per information from CoinMarketCap.

However, Hedera’s Q2 show showcased the chain’s resilience successful the look of adversity. The aforesaid was pointed retired by Nick Garcia, an expert astatine Messari successful Hedera’s Q2 report.

State of @hedera Q2 2023

Despite a carnivore marketplace and hostile US regulatory regime, Hedera continues to amusement resilience.

In Q2, Hedera gross accrued 67% QoQ, added its 29th assembly member, announced an EVM strategy, and saw increases successful each Network Services.

🧵 pic.twitter.com/mRVbUgh2Ke

— Nick Garcia (@NickDGarcia) July 28, 2023

How galore are 1,10,100 HBARs worthy today?

Assessing HBAR’s Q2

On the fiscal front, the web witnessed a 22% driblet successful marketplace cap. However, Hedera’s gross made up for the marketplace headdress driblet arsenic it surged by astir 67% QoQ, rising from $476,000 to $794,000. The summation successful gross could beryllium taken arsenic an highly affirmative motion for HBAR holders.

Source: Messari

Another affirmative update for the ecosystem was its increasing network. As per information from Messari, the web witnessed a maturation of 288% successful mean regular progressive accounts year-to-date. The fig of progressive accounts went from 3,500 to 13.500 by Q2 of 2023.

Additionally, the web besides witnessed a monolithic surge successful the fig of caller accounts created connected the chain. A 340% leap was observed successful the mean instauration of caller accounts with the fig going from 2,300 to 10,200.

Source: Messari

Another bully quality for Hedera advocates was its development activity. In Q2, Hedera announced its plans to execute EVM equivalence. The integration is expected to bring the functionality of Solidity and Vyper astute contracts to the network.

How did HBAR fare?

Despite the commendable show of the web successful Q2, Q3 came with its ain challenges. One of them was the ongoing bearish sentiment successful the market. However, HBAR seemed to beryllium successful a decent presumption connected its terms front.

At the clip of writing, though HBAR’s terms flashed greenish and exchanged hands astatine $0.05258, its indicators revealed a antithetic story. At property time, the Moving Average Convergence Divergence (MACD) witnessed a bearish crossover.

However, the Relative Strength Index (RSI) inactive stood supra the neutral enactment astatine 53.16 and showed immoderate sideways action. This indicated that the buying and selling unit stood successful a balance. However, the Awesome Oscillator (AO) flashed reddish astatine the clip of writing.

Source: TradingView

A look astatine HBAR’s weighted sentiment and societal dominance indicated that HBAR stood successful a presumption of betterment astatine property time. As tin beryllium seen from the illustration below, HBAR’s weighted sentiment reached a quarterly highest connected 19 July. However, its weighted sentiment dropped and recovered to basal astatine -0.301 astatine property time.

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This indicated the marketplace was affirmative astir the altcoin. Additionally, its societal dominance, though took a hit, recovered to basal astatine 0.739%. This was a wide denotation that HBAR was gaining prominence connected the societal beforehand arsenic well.

Source: Santiment

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