Market players with Hedera in their holdings may find the latest token performance disappointing. Most leading digital coins saw substantial upside actions during October’s final week. However, HBAR attained a modest surge and stuck around the lower range.
Hedera’s underperformance may not reflect the Hedera blockchain’s state. Some of the network’s latest highlights show it continued to focus on providing more utility. For instance, it recently revealed that users could send fungible tokens and NFTs to anonymous designated wallets generated in its platform.
This development emerged due to Hedera’s HIP-542 update. Nevertheless, the crypto noted a decline in development activity since October 21. However, investors should beware that the assets retained healthy levels, regardless of the dips in this metric.
Deteriorated development activity often impacts investor emotions. Meanwhile, the weighted sentiment noted an uptick as October ended before re-entering the lower range. That could confirm some correlation with the development activity slump.
Why Upside Remains Somewhat Restricted
Low demand could have contributed to HBAR’s limited upside toward October. That remains visible as the crypto saw a restricted volume increase over the final week of October. Hedera’s highest volume uptick happened before the mid-October sessions.
Meanwhile, volumes plunged despite the brief surge, indicating low demand. Nevertheless, it wasn’t all gloom & doom for Hedera. The blockchain saw improved NFT trades volume as October ended, attaining the 2nd-largest surge within the past four weeks, early November.
October 1 saw the NFT trade count peaking at $1.76 million. Meanwhile, it recorded its lowest four-week volumes of $71,052. These observations remain impressive when it comes to the network’s organic utility.
HBAR Price Action
While publishing this content, HBAR traded at $0.059, representing a substantial discount from October’s peaks. Meanwhile, the press time level reflected a brief premium from the lowest mark over the past four weeks. The asset’s price action has oscillated inside the 50-day MA over the past three weeks.
HBAR’s price remains within the 2022 lower range. Unfortunately, the crypto’s low demand has cemented the token at this range. Improvements would surface if the macroeconomic picture shifts to favor risk assets.
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