Will Hedera’s latest milestone act as a catalyst for bullish pivot?
- Hedera’s new transaction milestone underscores its impressive network growth.
- HBAR bulls were still at bay despite a sizable discount.
The Hedera community is in celebratory mode after the network announced a major milestone. The blockchain has reportedly processed over 20 billion transactions as per the latest data.
How many are 1,10,100 HBARs worth today
While Hedera’s 20 billion transactions milestone is a significant achievement, the timeline is also noteworthy. According to the official announcement, it took 1,738 days for the network to reach the first 10 billion transactions and a mere 100 days for the second 10 billion transactions. This underscores the exponential pace at which the network has been growing.
#Hedera: 20 Billion Transactions
1,738 days for the first 10 billion –
100 days for the next 10 billion.
— Hedera (@hedera) September 5, 2023
Partnerships, developments, and rapid adoptions have been key pillars supporting Hedera’s growth in terms of transactions. Investors often notice such explosive growth and in most cases, such milestones would trigger a bullish sentiment.
That has not been the case lately considering that weighted sentiment remains relatively dormant and near its monthly low.
Although the network has been growing on multiple fronts, development activity witnessed a considerable slowdown. This was the case, especially in the last four weeks. HBAR was also trading at a monthly low at press time. The low development activity may also contribute to the lack of confidence among traders.
Will HBAR bulls regain dominance?
In addition, HBAR’s on-chain volume pulled back since August and was now closing in on its lowest level in the last four weeks.
So, why do these metrics not reflect Hedera’s growth? Well, the low sentiment and volume represent the current state of HBAR demand in the short term. The cryptocurrency has been moving in tandem with the rest of the crypto market hence explaining why the bears have prevailed.
We previously observed HBAR retesting a support line that was part of a short-term ascending price channel. However, the bearish market conditions in the last week of August ensured that the market remained subdued. HBAR exchanged hands at $0.049 at press time.
At press time, HBAR was discounted by roughly 35% from its August highs. Its press time price also traded well below August levels. It was not yet oversold at the time of writing but it will likely achieve that status if it dips closer to the $0.045 price level.
Is your portfolio green? Check out the Hedera HBAR Profit Calculator
HBAR’s Money Flow Index (MFI) did become oversold for the first time since June. This could signify that it is closer to the psychological bottom and will likely trigger a pivot.
Nevertheless, HBAR was already showing signs that the bears could be slowing down. Bears therefore have a chance at securing dominance and recouping some of the recent losses if the market conditions allow.