– Hedera will upgrade its mainnet to version 0.36.
– HBAR’s weekly chart was green, but weighted sentiments fell sharply.
Hedera [HBAR] recently successfully completed 7 billion transactions on the mainnet, which is a commendable number. This milestone was reached in just under three weeks after the completion of 6 billion transactions, indicating a significant improvement in network utilization.
#Hedera: 7 BILLION transactions –
and more. #HelloFuture pic.twitter.com/adzNB63HRS
— Hedera (@hedera) April 16, 2023
Read from Hedera [HBAR] Price prediction 2023-24
New mainnet upgrade just around the corner
In addition, another promising development was that Hedera will upgrade its mainnet to v0.36.
Scheduled (20 April 2023, 17:00 UTC): Hedera will upgrade Hedera mainnet to v0.36.x on Thursday, 20 April 2023 at 17:00 UTC. The upgrade takes approximately 60 minutes, users can expect some network disruption… https://t.co/66qHKvVczJ
— Hedera Status (@hashgraph) April 13, 2023
The upgrade is scheduled for release on April 20 and will take approximately 60 minutes to complete. Therefore, users should expect some network disruption.
Thanks to the upcoming upgrade, an important stat for Hedera responded positively. Santiment’s chart revealed that Hedera’s development activity has picked up over the past week, which looked optimistic overall for the blockchain.
Source: Sentiment
Hedera’s network value drops
Despite these positives, it was surprising to see Hedera’s network value gain on waning momentum. According to DeFiLlamas graphicHBAR’s TVL has been falling since early April.
Nevertheless, it registered an increase on April 13, but it was still low compared to the beginning of this month. Can the new performance and planned network upgrade in any way help to increase the network’s declining TVL and further drive network utilization?
Source: DeFiLlama
HBAR is performing well
Many of the above possibilities depend on it HBAR‘s price, because it can help attract new users, as green cards attract the attention of many. The price of HBAR is up more than 4% in the past seven days, which is good news. From CoinMarketCapat the time of writing, HBAR was trading at $0.06807 with a market cap of over $2.1 billion.
The market is still hesitant about HBAR
While the price action supported investors’ interests, the crypto market in general lacked confidence in the token. This was evident from a look at HBAR’s weighted sentiments, which fell in recent days.
According to LunarCrush’s factsbullish sentiment around HBAR also fell 10% over the past week.
In addition, Hedera will be unlock more than 2.5% of its locked tokens in 44 days, which could cause a short-term drop in the price of the token. Despite the negative sentiment, the derivatives market showed interest in HBAR as Binance funding rates rose.
Source: Sentiment
Market indicators are mildly bullish
Things could be in HBAR’s favor in the near term as some market indicators supported the possibility of a continued upside.
Realistic or not, here it is HBAR market cap in terms of BTC
For example, data from the MACD showed that the bulls led the market. HBARChaikin’s Money Flow (CMF) was above the neutral zone, which also helped buyers slightly.
However, the Relative Strength Index (RSI) registered a slight decline and moved towards the neutral 50 mark, which was bearish.
Source: TradingView
This post As Hedera crosses this milestone, feelings around HBAR will shift
was published first on https://ambcrypto.com/as-hedera-crosses-this-milestone-will-sentiments-around-hbar-shift/
