- HBAR bulls are showing a willingness to take over as bears weaken.
- The coin’s latest report coupled with a retest of short-term support is likely the reason for the change in sentiment.
The Hedera network is still one of the Tier 1 blockchains that is rapidly gaining popularity. While that was a big factor in HBAR’s YTD bullish rebound, it wasn’t enough to prevent it from losing a third of its YTD gains.
HBAR has so far has decreased by about 36% from its YTD peak in February. However, it is now clear that the bears are losing their momentum after dominating for more than three weeks.
Bullish signs are already starting to pile up, suggesting a potential reversal could be in the works.
Investors were interested in the delay HBAR momentum. The recent spike in the weighted sentiment indicator is a clear indication that investors have switched to bullish expectations.
In fact, the weighted sentiment just ended last week with a jump to its highest level in four weeks.
Also, the price volatility indicator ended February at its monthly low, but is now showing a return to higher volatility. In addition, these changes are happening at a time when web developers are in full swing.
HBAR retests short-term support
HBAR’s price action recently bottomed out at the $0.062 price level, which previously acted as a short-term support level. So far, the price has risen for the second day in a row. The last such observation was made before February 20.
The coin’s slight rise over the past two days indicates that there is some bullish activity following the support retest.
However, that doesn’t necessarily mean it’s immune to more flaws. The price has not yet entered oversold territory, although it is moving above this zone.
Meanwhile, the MFI was bearish, suggesting that buying pressure is still low.
How much is 1,10,100 is HBAR worth it today?
The timing of this support retest is also noteworthy. The end of the bearish momentum came on the same day that Hedera reported that it had processed over 4 billion transactions so far.
It has also seen radical growth so far this year, thanks to healthy enterprise adoption of its Hedera Consensus Service (HCS).
(1/3) This year, #Hedera the network has seen a sustained and massive increase in its transaction volume, with most of it resulting from increased #enterprise using the Hedera Consensus Service (HCS) as a decentralized public notary and immutable record system. 🧵
— Hedera (@hedera) March 3, 2023
The number of transactions cornerstone reported to represent Hedera’s main transactions with an average value of 400 TPS.
The report is likely the reason for the return to investor confidence seen in the weighted sentiment. Subsequent demand remains relatively subdued despite underlying expectations.
A potential reason for this is the spike in bearish expectations across the crypto market for March.
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