Due to a social push from its community, the price of Hedera (HBAR) increased by 8% in the past week, going from $0.055 to $0.608. Over 200 million social engagements, 44,346 mentions, and 418 active contributors were recorded by LunarCrush for HBAR.
Prior to this milestone, HBAR had been decreasing steadily since September 27 through October 2. This may have signaled the end of LunarCrush’s short-term bearish outlook. However, the enterprise-grade public network’s other metrics did not agree.
Still present to “bear” the results
Santiment claims that at press time, HBAR’s impressive development activity had decreased from 47.43 to 35.45. This drop indicated that the Hedera network’s development had slowed down. As a result, it was likely that discussions regarding a short-term recovery did not result in any concrete conclusions.
In addition, as of October 8, its volume increased significantly. The volume increased to $55.82 million as a result. However, a decrease of 51.67 percent to $27.10 million in the last 24 hours was not to be ignored.
This meant that some HBAR buyers who had bought earlier were now selling, while others might have kept their recent purchases.As a result, the reversal in price to $0.059 was probably caused by the sell-offs.
According to NFT performance, HBAR last increased to millions of trades on October 1. The total volume of NFT trades at that point was $1.96 million. HBAR NFT activities had favored the trend’s lower parts ever since that point. The total volume of NFTs stood at $91,800 at the time of press.
Hedera had established a partnership with Abrdn, a major player in fund management, during the decline to this point. Abrdn was using Hedera’s hashgraph technology to encourage investment tokenization, according to the specifics. HBAR appeared to the whales to be a cryptocurrency that was not being held in trust.
This was made clear by Santiment when the percentage of total whale supply decreased to 42.07 from 42.58 on the first day of the month.
Market participants, here’s an update.
It’s interesting that the charts appear to have some contradictory indications, with the majority indicating that HBAR may not fall in favor of the bears. On October 7, HBAR left the low zones for the Bollinger Bands (BB) and was now showing extreme volatility. As a result, there was a possibility that the price would skyrocket.
Also, considering that the Simple Moving Average (SMA) was above the histogram, the Awesome Oscillator (AO) indicated that the bullish momentum was still present. However, with 0.001434, the AO has the potential to lower HBAR’s chart position.