Hedera adds tech giant as council member: What does it mean for HBAR?
- Hedera onboards Dell as the latest member of its governing council.
- The market reacted positively, but HBAR was still unable to escape its press time range.
On 7 February, Hedera [HBAR] confirmed that it secured tech giant Dell as its newest addition to its governing council. The latter already contains other industry heavyweights such as FIS and Google, among others.
Hedera just landed Dell as its next governing council member. #HBAR https://t.co/k70l2D2RA4 pic.twitter.com/tgj8gl5DEZ
— hbar (@hbar) February 7, 2023
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Dell’s senior director of technology strategy noted that the move reflected the company’s need to be part of the ongoing industry growth. According to the announcement, Dell’s technical role will involve running a Hedera node, thus facilitating transaction ordering on the blockchain network.
As far as assessing the impact of the development, Hedera may benefit from Dell’s technological prowess, especially in the long-term. The short-term impact may already take place. For example, Hedera’s social dominance metric experienced a large spike in the last 24 hours. This is potentially confirmation that investors reacted to Dell’s news.
The weighed sentiment metric also confirmed that there was some investor excitement. This is because the same metric surged to the second highest level in the last four weeks.
What about the real impact on HBAR’s price action?
HBAR’s on-chain volume saw a sharp uptick in the last 24 hours. This is the largest spike in volume that the cryptocurrency has achieved so far this month. This is important because the price has been stuck in a range for the first week of February 2023. In other words, a major volume shift may help the price overcome the press time limbo.
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A look at HBAR’s price action reveals that there was in fact a bullish outcome in the last 24 hours. It bounced back by roughly 17% between Tuesday and Wednesday, confirming that there was strong accumulation. HBAR traded at $0.075 at press time.
HBAR did not break above the press time range. It remained below its January highs despite a solid rally. It helps that the Dell news came when the overall crypto market was experiencing some bullish price action. But despite this, HBAR’s RSI indicators still show signs of relative weakness.