- Network processed more than 50M transactions over the past 24 hours.
- Hedera experienced its first technical glitch in 2023.
- Trading volume rises by 27.60%, amounting to $58.77M.
The past week was quite a show for the crypto assets market, but was a perfect blend for the Hedera network. This was due to the network reporting its first technical glitch of 2023, which disrupted some features of its network. The glitch had an impact on the dApps running on the legacy version of the Hedera JavaScript SDK.
According to the recent update, it revealed that the issue was fixed and the affected node was up and running at present. While this glitch befouled the network, it didn’t have any negative effect on the HBAR prices. Also the fog of this shortcoming was cleared when Hedera took to Twitter to reveal about its recent accomplishments. The post mentioned that over the past 24 hours, the network has processed more than 50 million transactions, averaging 578 TPS and hitting the high of 2,824 TPS.
The prices have formed a long falling parallel channel, with current action breaching the channel and breaking out. 200-EMA is floating above current prices, while the rest are captured with the current rise. The trading volume shows buyer activity, rising from a deserted market. A positive volume, when paired with the rising OBV shows the price rally to last long. The current rally is predicted to reach near the resistance zone of $0.065.
The CMF reaches for the higher region in the positive zone to show the ongoing bull run. The MACD records ascending buyer bars, as the lines undergo a bullish divergence. The RSI escalates to the overbought zone to reflect the true sentiments of the holders.
The smaller time frame suggests the market to rally steadily as many holders placed selling orders to book profits. To display the same, the CMF slopes slightly down, white remaining above the baseline. A similar pattern is observed in the MACD as the lines tangle and record both buyers and a few sellers. The RSI oscillates about the 70-range to mirror being buyer-dominated.
The market for HBAR is on a constant rise due to the evolution of Web3 protocols. With these developments and recovering cryptomarket, the token seems to perform well. The holders predict the rally to last longer, making it suitable for the long term investment. The support zone of $0.043 can be relied on to invest in the token.
Technical levels
Support levels: $0.043 and $0.033
Resistance levels: $0.065 and $0.084
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/15/hbar-upgrades-for-the-coming-year-can-prices-soar-higher/