- HBAR surges over 14% in the last month.
- Integration with FedNow, Hyundai-Kia support fuel Hedera’s August success.
In the midst of a broad market downturn that has caused major cryptocurrencies like Bitcoin and Ethereum to stumble below crucial thresholds, Hedera ($HBAR) has emerged as an unexpected beacon of resilience. Bolstering this claim, Hedera witnessed a bullish dominant month (mention price & %) and while the Total Value Locked (TVL) has surged by nearly 10% in the past week alone, accompanied by a 26% increase within a month, according to DefiLlama.
Hedera witnessed a peak TVL of around $46 million in February 2023, only to experience a subsequent decline that dipped more than 50% below $22 million. However, the network has displayed recovery since then, surpassing the $35 million milestone and resting comfortably at $35.18 million.
August 2023 has proven to be a pivotal month for Hedera, marked by significant developments that have propelled its upward trajectory. On August 14 when Dropp, a payments application built on the Hedera network, seamlessly integrated with FedNow, the instant payments platform. It was developed by the US Federal Reserve. It was magnified by earlier announcements in the same month, wherein automobile industry giants Hyundai and Kia adopted Hedera’s technology to establish a CO2 emissions tracking system.
What Lies Ahead for HBAR?
Hedera achieved yet another noteworthy milestone as the number of total transaction crossed the 18 billion mark. However, the current price of HBAR has experienced a minor 0.84% decline in 24H. settling at $0.06223. This has led to a captivating tug-of-war between the bulls and the bears. With trading volume increasing by 8.43%, even as the market capitalization experienced a marginal 1.76% dip within a 24-hour span.
Taking a broader view over the past week, the HBAR price has demonstrated a 14.36% dip. Though over the course of the past month, it has surged by an impressive 15%. With the volatility, the price is 89.02% away from it’s all-time high, reached two years back.
Analyzing the HBAR daily price chart, a bullish sentiment remains evident, as the price consolidates within a marginally bearish landscape. A deeper examination of the daily Relative Strength Index (RSI) reveals that HBAR hovers just below the neutral zone, marked by a value of 55. Simultaneously, the short-term 9-day exponential moving average (EMA) remains steady at 0.06125.
Concluding , in a sea of uncertainty in the cryptocurrency space, Hedera takes place in the investor watchlist.
Will HBAR Break its Bearish Pressure? Share your thoughts by tweeting us at @The_NewsCrypto
