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Hedera (HBAR) has caught the attention with promising technical patterns signaling a potential price surge. Hedera is holding strong above its crucial support level and aiming to test resistance to start its upward journey. HBAR recently hit its low at $0.1262, triggered by market volatility, but was able to hold support and strongly rebound from […]
The year 2022 has not been kind to the NFT market and the crypto industry as a whole. However, Hedera’s partnership with LG Art Lab might somehow bring a new wave of enthusiasm for digital art. Related Reading: Dogecoin Breaking Past This Key Barrier Could Spell 10% Spike For DOGE NFT Interest On The Rise Again? A recent interview done by Crypto Digest with The HBAR Foundation’s Chief Legal Officer Jorge Pesok sheds some insight into the current state of NFTs in the Hedera L1 ecosystem. According to the interview, more than 150 projects are granted support by the company. Pesok also mentioned that LG is rolling out its new television technology that is integrated with its native NFT marketplace where new users can buy digital collectibles. The TVs would also allow users to display the NFTs that they own. Governing Council Member @LGElectronics has launched LG Art Lab – built on @Hedera – enabling LG TV owners to buy, sell and showcase #HederaNFTs from their screens. All LG TVs running webOS5.0 will be able to interact with the LG Art Lab app. #HelloFuturehttps://t.co/KQBUgaE2j5 — Hedera (@hedera) September 5, 2022 This can be huge for the NFT industry as LG has a large market share in the home appliance industry. However, recent events in crypto space might slow down the growth of interest in NFTs. Not to mention that the sector is not free from scams and frauds. Just this month, Logan Paul, a major influencer on YouTube, was investigated by Coffeezilla for defrauding his fans on his abandoned crypto project CryptoZoo. Despite these very negative developments for crypto and NFTs as a whole, we can expect a healthy adoption of digital art as LG continues to leverage this new technology. Chart: TradingView Dark Horizons? The crypto industry has taken a heavy beating courtesy of the collapse of FTX and the NFT space has been struggling ever since interest on digital items waned. But with LG’s partnership with Hedera, we might see a brighter tomorrow for NFTs and the crypto market as a whole. However, this “bright future” doesn’t come without losses. According to CoinGecko, Hedera’s native token HBAR has seen better days with the token dropping 5.6% in the past 24 hours. The charts are also very bearish for the token. HBAR is heavily correlated with Ethereum. This means that if ETH continues to buckle under the bearish pressure, HBAR will follow the decline in value. Related Reading: Chainlink Nears Crucial $6 Level As LINK Ushers In The New Year Crypto total market cap at $963 million on the daily chart | Chart: TradingView.com These short-term developments are in line with Jorge Pesok’s thoughts on crypto and NFTs in its entirety: “My prediction, at least in the short term, is that the industry will continue to face a bear market but will come out of it much more mature and garner more retail and institutional adoption” he said in the interview. As Hedera partners with more institutional entities like LG, Boeing, and Deutsche Telekom, we will see the company playing a bigger role in the adoption of digital assets with real world utility. – Featured image: Adobe/S_E
Hedera (HBAR), a decentralized public network known for its near real-time consensus and developer-friendly environment, has emerged as one of the top-performing altcoins in the cryptocurrency market. As the overall market experiences a resurgence of bullish sentiment, HBAR has demonstrated impressive growth, positioning itself as one of the leaders among the top 100 cryptocurrencies by market capitalization. Trading Volume For HBAR Spikes 200% Over the past fourteen days, HBAR has recorded substantial gains, surging by nearly 50%. This upward momentum extends to the thirty-day and year-to-date time frames, with gains of 36.8% and 15%, respectively. In the past seven and twenty-four hours alone, HBAR’s price has continued its bullish trajectory, skyrocketing by 33.5% and 17%, respectively. These price movements have propelled HBAR beyond its previous 19-month high of $0.1015, reaching a new 20-month high of $0.1060. Related Reading: Bitcoin On Steroids: Key Technical Factors Fueling The Rally To $70,000 The surge in trading volume, which currently stands at $218,438,657 in the last 24 hours, reflects the increased market activity surrounding HBAR, representing a 204.90% increase from one day ago, according to CoinGecko data. Despite HBAR’s impressive performance, the road to its all-time high (ATH) of $0.5759, achieved in September 2021, presents a formidable challenge. Currently facing an almost two-year downtrend structure, HBAR would require a staggering 443% uptrend to reclaim its previous milestone. In the near term, HBAR faces a crucial hurdle at the $0.110 level, which must be defended to prevent further gains. A breach of this level would open the door for testing the $0.1148 and $0.1285 resistance walls. Should bullish momentum persist, attention will then shift to the resistance at $0.1506, followed by $0.1690 and $0.1822. These levels represent the final obstacles before potentially reaching the $0.2000 mark, a threshold not surpassed since April 2022. On the downside, the $0.0855 level is expected to act as a support, preventing HBAR from establishing a lower low within the current market uptrend structure. Hedera Network Welcomes Mondelez International As the adoption of cryptocurrencies gains momentum among major companies worldwide, the Hedera Council, responsible for overseeing the Hedera public network, has recently announced a series of significant partnerships. One notable addition to the Council is Mondelez International (Nasdaq: MDLZ), a prominent multinational food company renowned for its global brands, including Oreo, Ritz, LU, Clif Bar, Cadbury Dairy Milk, Milka, and Toblerone. On February 14, the Hedera Council revealed that Mondelez International had joined its ranks. This collaboration marks a significant milestone as Mondelez International, with its mission to empower people to snack right, sets its sights on leveraging distributed ledger technology (DLT)-based solutions on the Hedera network. Per the announcement, the initial focus of the partnership will revolve around digital transformation initiatives, supply chain management, and enhancing core business processes to deliver elevated customer experiences. With an emphasis on digital transformation, Mondelez International seeks to streamline processes, enhance transparency, and optimize supply chain management using the Hedera infrastructure. Related Reading: Bitcoin Spot ETFs: Issuers Set New Record As Weekly Inflows Cross $2.2 Billion All around, the Hedera protocol and its native token HBAR have experienced substantial growth in market capitalization, trading volume, and partnerships, reflecting the increasing interest from investors in the protocol’s offerings. This positive environment sets the stage for future growth and development of the protocol. However, it remains to be seen whether HBAR can sustain investor attention and continue to achieve price gains, considering the possibility of market corrections following the significant gains recorded in the past 30 days. Nonetheless, HBAR appears well-positioned to emerge as one of the top-performing altcoins in the current bull run. Featured image from Shutterstock, chart from TradingView.com
Decentralized ledger platform Hedera has posted a solid set of third quarter (Q3) results, in line with broader market trends as the digital asset landscape enters a potentially transformative fourth quarter, providing insights into the future of its native token, HBAR. Hedera Achieves Record Revenue In Q3 Despite Price Corrections Delving into the data, Hedera’s circulating market capitalization fell 21% quarter-over-quarter (QoQ) to $2.2 billion in Q3. This decline followed notable performances earlier in the year, dropping HBAR’s market rank from 30th to 46th among all cryptocurrencies. The circulating supply of HBAR also saw a slight increase of 5%, totaling 37.6 billion HBAR. The HBAR price dipped by 20%, decreasing from $0.08 to $0.06, reflecting market volatility and challenges the broader crypto sector faced during the period. Related Reading: Dogecoin Unleashes 157% Weekly Boom As Musk-Trump Buzz Builds Despite the price corrections, Hedera achieved substantial revenue milestones. Revenue generated from network transaction fees reached an all-time high of 27.0 million HBAR in Q3, marking an 85% increase from the previous quarter and surpassing the prior record set in Q4 2023. The dollar-denominated revenue also rose by 10% QoQ to $1.6 million, making the third quarter of 2024 the second-highest quarter for revenue in USD, just shy of its all-time high. Hedera’s Consensus Service was a significant contributor, with revenue increasing by 94% QoQ, accounting for 89% of the networks total revenue. Total Value Locked In HBAR Rises 9% Staking activity also remained robust, with 22.3 billion HBAR staked, representing 59% of the circulating supply. This high staking percentage is attributed to entities like Hashgraph that actively participate in network consensus while forgoing staking rewards. However, both daily average new accounts and active accounts saw declines of 22% and 23%, respectively, indicating a potential slowdown in user acquisition. On the operational front, daily average contracts increased by 24%, driven by spikes throughout September. In the decentralized finance (DeFi) space, while total value locked (TVL) in USD dropped 18% QoQ, the TVL in HBAR rose 9%, suggesting that the decline in USD value was primarily due to HBAR’s price depreciation rather than capital outflows. As the network prepares for Q4, Messari forecasts an increase in circulating supply by approximately 287 million HBAR, primarily aimed at fostering ecosystem development and supporting open-source projects. HBAR Price Outlook HBAR, currently trading at $0.069, has shown relatively flat price action as it enters the fourth quarter, especially when compared to major digital assets like Bitcoin (BTC) and Ethereum (ETH). Over the past week, Bitcoin has gained 24%, while Ethereum has surged by 31%. In contrast, HBAR has seen a more modest increase of 17%. Despite this recent uptick, HBAR remains 90% below its all-time high of $0.5692 reached in September 2021. This stark contrast becomes more pronounced as Bitcoin achieves new all-time highs for four consecutive days and Ethereum approaches its peak. Related Reading: Ethereum Could Be Set To Explore New Highs As On-Chain Metrics Light Up Looking forward, HBAR faces three critical resistance levels that could hinder its upward momentum as the broader market appears ready to push higher. Having recently broken out of a consolidation phase between $0.047 and $0.062, HBAR’s first major resistance is at $0.078, a level that has acted as a barrier for the past four months. Should the Hedera token overcome this initial hurdle, it will then encounter additional resistance at $0.092 and $0.118, corresponding to the six-month and eight-month resistance levels, respectively. If HBAR can maintain its upward trajectory and break through these key resistance points, it may inch closer to its previous all-time highs, especially if the gains seen in key metrics in Q3 continue and translate into further price action. Featured image from DALL-E, chart from TradingView.com
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