A look at what’s happening on the development side of the Hedera network. HBAR bears are slowing, but low volume could hamper the bulls’ recovery efforts.
The crypto market has just concluded an overall bearish week in which HBAR was at a significant disadvantage. But the question is: how has the Hedera network been doing in recent days?
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The Hedera blockchain was scheduled for a quarterly testnet update on April 27. This means that the upgrade would have happened sometime in the next few days.
However, the network recently announced that the update will not take place as planned. The decision is not expected to have much of an impact on the network.
1/ The quarterly Hedera testnet reset scheduled for Thursday, April 27, 2023 will be skipped. No action needs to be taken as a result of this decision. See below for more details.
— Hedera (@hedera) April 22, 2023
The decision reportedly gives developers more time to make changes to Hedera Smart Contract Service’s previous changes. Those changes were introduced in v0.35.2 of the Hedera service release.
The next update is scheduled for May 9 and will be a mainnet update.
HBAR has maintained a significant amount of development activity over the past few days. While things were quiet on the development front, network dominance just registered a remarkable spike to its highest weekly level.
Source: Sentiment
The spike may be related to a shift in HBAR demand dynamics, particularly in the derivatives segment. This is because the network dominance metric spike was accompanied by a spike in Binance funding rate over the past 48 hours, at the time of writing.
This confirms a remarkable increase in demand for HBAR in the derivatives market.
Will HBAR sires secure this opportunity?
The spike was also seen in the price action of HBAR, which registered some consolidation at the $0.059 price level just above the 200-day MA.
The same price level showed support in March. HBAR changed hands for $0.060 at the time of writing.
Source: TradingView
How much are 1,10,100 HBARs worth today?
HBAR’s MFI indicates that the bears are resting a bit after the weekly sell-off that took place last week. An increase in the same statistic over the past two days could be a sign that accumulation is taking place.
However, daily volumes remain low, indicating the lack of sufficient bullish momentum for a significant rally.
Source: Sentiment
Low bullish volume may indicate investors lack confidence in HBAR’s prospects going into the next day.
In other words, the bears could have another shot at dominance if market conditions allow.
However, there is still a chance that the market will enter a recovery phase, where HBAR bulls will have a chance to bounce back.
This post Hedera Skips Scheduled Quarterly Update, What’s Next for HBAR?
was published first on https://ambcrypto.com/hedera-skips-scheduled-quarterly-update-whats-next-for-hbar/
