Hedera celebrates transaction milestone- Is it enough to rejuvenate demand?

• Hedera’s weekly transactions soar to 321.8 million.
• The Hedera network averaged 532.31 TPS.

The Hedera network has achieved significant recognition so far in 2023. This has translated to healthy growth not only for the network but also for HBAR’s recovery. But the question remains- What is the extent of this growth?

Read Hedera [HBAR] price prediction 2023-2024

One of Hedera’s latest announcements sums up the question. The network revealed that it has achieved a new transaction milestone with roughly 321.8 million real transactions processed in the last seven days.

This confirms that the network has achieved robust utility during this period. But that’s not all.

According to the update, the Hedera network averaged 532.31 TPS. In contrast, the Ethereum mainnet averaged roughly 17 TPS in the last seven days.

While these achievements highlight Hedera’s capabilities, they have not had much of an impact on investor sentiment.

HBAR bears flex their muscles after weeks of bullish dominance

HBAR

However, its performance in the last seven days represents the first week of overall sell pressure. HBAR’s $0.079 price tag represents a 14% pullback from its 7-day high.

Source: TradingView

HBAR’s press time price also puts it within the January and early February resistance levels.

This range may turn into new support if the bullish momentum starts to build up. Such an outcome is more likely to take place when the RSI retests its 50% level as is currently the case with HBAR. But what is the current investors’ mood regarding cryptocurrency?

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Furthermore, HBAR’s weighted sentiment achieved a slight uptick in the last few days, confirming that some investors are shifting to a bullish stance after the pullback. However, the price volatility metric was still within its lower monthly range, at press time.

Source: Santiment

These observations reflect the lack of a significant recovery in development activity.

HBAR’s development activity fell back to its current monthly lows, although a slight recovery was observed. The cryptocurrency’s on-chain volume demonstrates a similar outcome where it has dropped to a weekly low with little improvement.

Source: Santiment

These observations confirm that not much of a change has been observed that may suggest a potential shift in demand.  In other words, the price may continue tanking. Investors should keep an eye on $0.071, $0.067, and $0.063 as the next key support levels.