- SpaceX is going to leverage Hedera’s blockchain for efficient space data management
- A flag pattern Signals on the altcoin’s chart signalled more upside for HBAR
As a seasoned researcher with years of experience navigating the cryptocurrency market, I find myself intrigued by HBAR’s recent performance and the potential it holds for the future. While it’s true that HBAR dropped 8.29%, the flag pattern on its chart hints at more upside ahead, with a projected potential breakout of 63.64%.
Although most other markets were increasing due to Bitcoin‘s success, HBAR’s price took a different route, actually decreasing by 8.29% to $0.3163 on the charts. However, it’s important to note that this dip could be a sign of a temporary cooling-off period before another possible rise in value.
Although its current value has decreased, there’s still a robust optimism in the market. This optimism persists due to advancements such as Hedera’s partnership with Dropp, which could significantly impact the future of quick transactions.
HBAR’s flag pattern suggests more upside ahead
On Hedera’s chart when compared to the US Dollar, there is a noticeable rise followed by a stabilization trend.
Indeed, HBAR experienced a significant jump during its initial surge, increasing from approximately $0.15 to $0.35, which represents a rise of 131.01%. Subsequently, the price moved into a consolidation period that resembled a flag formation, characterized by downward-sloping parallel trendlines – a pattern typically seen as bullish and indicative of potential future growth.
According to AMBCrypto’s analysis, there could be another significant rise by approximately 63.64%. This potential increase is expected to resemble the scale of the previous surge and might push the price up towards an estimated $0.6, given the specific shape of the pattern.
Furthermore, the Bollinger Bands showed that once it reached the upper limit, the price began to stabilize near the midpoint, suggesting potential support. Conversely, falling below it might imply additional drops.
As a researcher, I noticed that the Accumulation/Distribution (Acc/Dist) line, which had previously shown robust buying activity during the current upward trend, has now leveled off. This could be an indication of diminishing accumulation and a potential transition towards increased selling pressure.
Ultimately, the Stochastic Oscillator showed signs of being overbought, indicating persistent downward pressure. Yet, if a bullish intersection occurs within this area, it might suggest an impending recovery.
Hedera overtakes Solana in 24-hour transaction volume
Today, Hedera is making headlines for more than one reason as it has outpaced Solana in daily transaction volume for the first time. The report indicates that Hedera handled a staggering 7.26 billion transactions within a 24-hour period, surpassing Solana’s volume of 7.04 billion.
This achievement is a sign of growing activity and interest in the Hedera network, highlighting greater adoption or network utilization compared to its competitor – Solana.
Moreover, it’s worth noting that the market value of Hedera stood at approximately $12.42 billion during the latest update, and when considering all potential shares, this figure rises to an estimated $16.25 billion.
Compared to it, Solana boasted a considerably larger market value of around $107.48 billion. However, even with Solana’s broader market standing, Hedera experienced a surge in transactions, suggesting growing popularity that might be due to recent network enhancements, partnerships, and expansion within its ecosystem.
Funding rates climb again
Additionally, it’s worth noting that the OI-weighted funding rate for HBAR has shown a steady increase, reaching approximately 0.08% when its price climbed from about $0.15 to more than $0.30 during the first half of December.
A consistently optimistic funding rate fueled traders’ optimism, as long positions were predominant in the market. Moreover, the rise in Open Interest appeared to follow this pattern, indicating robust faith in the market.
A partnership with SpaceX for blockchain in space
Through its recent partnership with SpaceX, Hedera is set to incorporate its blockchain technology within SpaceX’s space voyages, enhancing data monitoring capabilities significantly. This groundbreaking alliance represents a major leap for both the blockchain and aerospace sectors.
Making this move would not just enhance HBAR’s reputation, but also establish it as a significant figure in the swiftly growing technology sector related to space exploration.
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2024-12-05 12:08