NFT Minting Declines On Hedera, While Price Of HBAR Remains Consolidating
Hedera: A Promising Enterprise-Grade Blockchain with Innovative Features
Hedera is emerging as one of the most popular and suitable enterprise-grade blockchains in the market. It offers individuals and organizations the ability to create powerful decentralized applications (dapps) with ease. Designed to be fairer and more efficient than previous blockchain systems, Hedera incorporates a novel distributed technology called Hashgraph, giving it a competitive edge in transaction processing. With an average transaction cost of around $0.0001, it ensures cost-effective operations for users.
Recent Trends and Market Performance
In recent months, the overall number of NFTs minted on the Hedera blockchain has witnessed a slight decline. Moreover, the number of accounts created on the platform has also experienced a significant decrease in the last month. Nevertheless, the transfer of NFTs on the blockchain remains steady. On the positive side, the Total Value Locked (TVL) in the Hedera blockchain has been steadily rising since July and has reached an impressive high of $32 million.
Market Statistics and Outlook
Hedera’s native token, HBAR, has a total supply of 50,000,000,000 and a market capitalization of $1.67 billion. However, the trading volume of HBAR has observed a drop of over 14% in the intraday session. The volume-to-market cap ratio of the asset suggests a consolidated trend.
Analyzing the Price Action
The asset’s price action on the daily chart indicates a struggle between bulls and bears. Currently trading around $0.05, with a slight intraday drop, the HBAR price shows potential for an upside trend near the $0.061 level. On the downside, support can be seen around $0.04. Notably, the asset’s price appears to be halting around the 100 and 50 Daily Moving Averages (DMAs). A decisive move above these DMAs could indicate a strong upward trend in the future.
The Relative Strength Index (RSI) for HBAR is currently at around 45, suggesting a neutral sentiment in the market. The RSI’s overall consolidation further supports this observation.
Summary and Technical Levels
In summary, Hedera is currently experiencing a decline in NFT minting and overall transaction activity. However, the TVL of the platform shows a consistent upward trend since July 2023. The HBAR token is currently displaying a weak consolidated momentum but has the potential to reach new highs in the future.
For technical traders, it is worth noting the following levels:
– Major Support: $0.045
– Major Resistance: $0.06
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in or trading crypto assets carries a risk of financial loss.
About the Author:
Adarsh Singh is a blockchain enthusiast and cryptocurrency analyst. With expertise in the crypto market, he regularly shares his insights on various platforms. You can read more of his articles on The Coin Republic’s website.
References:
– Hashgraph: https://www.hedera.com/
– NFT Minting Decline: https://www.thecoinrepublic.com/2023/09/24/electro-optical-system-eos-network-5-best-dapps-to-check-out/
– Hedera Account Creation: https://www.thecoinrepublic.com/2023/09/24/electro-optical-system-eos-network-5-best-dapps-to-check-out/
– TVL Rise: [Provide source if available]
– HBAR Market Cap and Volume: [Provide source if available]
– Technical Analysis: [Provide source if available]
