NFT Minting Declines On Hedera, While Price Of HBAR Remains Consolidating

Hedera is one of the most used and suitable enterprise grade blockchain where individuals and other can create powerful dapps on them. It is designed to be more fairer and more efficient system than the previous older blockchain. Hedera has a very unique and novel distributed type technology called Hashgraph. This technology gives Hedera a blockchain an edge in transaction processing. The average transaction cost on the blockchain is around $0.0001.

The blockchain has observed a decline in the overall NFT minted from the past few months. Meanwhile, the account created on the hedera blockchain has also observed a significant decline in the last month. The NFT transfers on the blockchain has remained steady. The TVL  of Hedera blockchain has been observing a rise from the month of July and has reached to the high of $32 Million.

Hedera has a total supply of 50,000,000,000 with a market cap of $1.67 Billion. The volume of HBAR has observed a drop of over 14% in the intraday day session. Volume to market cap ratio of the asset price suggests a consolidated trend.

Are Whales Of HBAR Taking A Break?

Hedera is observing a strong struggle between the bulls and bears. On the daily chart, the asset price is trading near the value of $0.05 with a small drop in the intraday session. The upside trend of the HBAR can be observed near the value of $0.061. Meanwhile, the support of the asset price can be seen near $0.04. HBAR asset price is currently observing a halt from the 100 and 50 Daily Moving Averages. If the price jumps above the DMA then a strong upside trend can be observed in the future.

The RSI of HBAR is near the value of 45 suggesting its presence in the neutral zone. The overall sentiment of the RSI is consolidating.

Summary

Hedera is observing a decline in the NFT minting and overall transactions. Meanwhile, the TVL of the asset price has been observing a continuous rise from July 2023. HABR is currently observing a weak consolidated momentum and can see a new high in the future.

Technical Levels

Major Support:$0.045

Major Resistance: $0.06

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Latest posts by Adarsh Singh (see all)