- Hedera’s recent collaboration with social network Calaxy could significantly impact the crypto landscape.
- Despite the promising partnership, HBAR’s price currently faces resistance, hinting at a potential support retest.
Blockchain Breakdown: Analyzing HBAR’s Price Movement Post Calaxy Launch
Following the highly anticipated launch of Calaxy, a pioneering social network, on the Hedera network, crypto enthusiasts had their eyes peeled for a potential surge in HBAR’s value. Traditionally, the inclusion of significant platforms onto blockchain ecosystems tends to boost the value of the blockchain’s native cryptocurrency. However, Hedera’s native token, HBAR, has shown a surprising resistance to this trend in the immediate aftermath of the Calaxy launch.
Before we depart for the weekend, I, on behalf of the @CalaxyApp team, wanted to thank the @hedera community for embracing Calaxy MVP that we released yesterday morning 🥹
It’s been a difficult 3 years and our team worked so hard for this moment but boy was it worth it 😱
1/
— Solo Ceesay (@SoloCeesay) August 12, 2023
While Calaxy holds the potential to funnel a considerable number of users into the Hedera ecosystem, HBAR’s market response has been notably tepid. The price of HBAR exhibited a bearish turn in the days following mid-week, contrasting its previously bullish stance.
On a broader scale, HBAR’s value has been tracing an upward trend since early June. This ascent has been punctuated by both resistance and support levels. Notably, a shift in HBAR’s trajectory towards a bearish stance was observed after it touched its ascending support, peaking at $0.63 before receding to the $0.57 bracket. Current patterns hint at a potential dip to the $0.53 mark, assuming the current direction persists.
Deciphering the Data: Tracing HBAR’s On-Chain Activity
Recent on-chain data has provided insights into HBAR’s market behavior. The vigorous surge in trading volume observed during its early August rally has returned to more regular levels, coinciding with the bearish downturn of the past few days. An intriguing pattern emerges upon examining the volume data. Each spike in trading volume has invariably been followed by a marked pullback, and the interval between these volume spikes appears to be diminishing. This could imply an impending surge in volume.
These volume trends align with the crypto market’s broader patterns, marked by an evident increase in social dominance, particularly pronounced in May when viewed over a quarterly period.
In tandem with these market dynamics, Hedera’s developmental activity has shown resilience. After a slump in early June, there has been a steady rise in development actions over the subsequent months. This persistent developmental momentum could potentially reassure and bolster confidence among HBAR investors, hinting at a promising horizon despite current market fluctuations.
