Hedera has been one of the largest losers this year, dropping in value by over 80 per cent year-to-date. Today, the Hedera long-term price drop continues, with its value already down by 7 per cent for the month. Despite going up by less than a percentage point in today’s trading session, the intraday data shows a high likelihood that we might see a reversal and a possible bear market close for the day.
Hedera is a public network that allows individuals and businesses to create decentralized applications (DApps). It is designed to be a faster and more efficient system than older blockchain-based platforms. Hedera was funded through an initial coin offering (ICO) in 2018 and launched its mainnet in 2019.
The platform’s native utility token is called HBAR, which is used to power Hedera services and also to help secure the network. Hedera is based on a proof-of-stake model and uses a consensus algorithm called Hashgraph, which aims to increase transaction speed and efficiency.
Recently, the Hedera Governing Council has appointed two new executives: Nilmini Rubin as Chief of Staff and Head of Global Policy, and Betsabe Botaitis as Chief Financial Officer. Rubin previously contributed to the global policy team at Meta, while Botaitis has experience in finance strategy in both the distributed ledger technology and traditional finance industries. These appointments follow the decentralization of Hedera earlier this year, with the governing council now focusing primarily on governing the open-source Hedera network and its treasury.
Despite the bear market, Hedera’s network has maintained a healthy level of activity, with a significant number of non-fungible tokens (NFTs) being traded on the network. Hedera’s Senior Vice President of Ecosystem Acceleration, Rob Allen, is looking forward to the next bull market and believes that Hedera will be among the networks heavily focused on utility. However, short-term headwinds may affect Hedera’s native token, HBAR.
In addition to the new executive appointments, Hedera has also released an update highlighting its development activity over the past year. The update includes information on the total NFT trade volume, which suggests that the demand for NFTs on the network has not been significantly affected by the bear market. This is a positive sign for Hedera’s future growth.
Overall, Hedera’s recent decisions and updates suggest that the company is focused on maintaining a healthy level of development activity and expanding its global policy engagement. These efforts are likely to have a positive impact on Hedera’s growth and success in the long term.
Therefore, despite the recent price drop of the cryptocurrency, my long-term view remains bullish, with a price target of $0.067 resistance level. However, a drop below the $0.042 support level will invalidate my bullish analysis.
This post was last modified on Dec 08, 2022, 08:28 GMT 08:28