Rising Star Hedera (HBAR) And Its 11% Climb – A Closer Look

Christian Encila

1 year ago

3 mins read

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Hedera (HBAR), currently ranked as the 31st cryptocurrency asset in terms of market capitalization, has recently witnessed a remarkable surge in its price, captivating the attention of investors and enthusiasts alike.

A surge in an asset’s social engagement often serves as a precursor to a rally in its price. In the case of HBAR, this correlation seems to be playing out vividly.

As the cryptocurrency landscape continues to evolve, HBAR’s notable growth over the past few weeks has raised eyebrows and prompted discussions about its potential.

Surge In Social Activity Sparks Price Rally Speculation

In the ever-dynamic world of cryptocurrencies, there exists a symbiotic relationship between social activity and price movements.

With its current price listed at $0.058907 according to CoinGecko, the cryptocurrency experienced a slight 5.5% decline over a 24-hour period.

However, what has truly caught the attention of market observers is its impressive seven-day surge of 11.8%. These figures, though significant, only hint at the larger story unfolding around HBAR.

Keep a close eye on @hedera‘s social engagement. Here’s what we are noticing…#Hedera‘s social activity has been soaring with 30.68M engagements (+243.9%) over the past week.

The social engagement metric measures community participation in social posts, measured by likes,… pic.twitter.com/FJFNFOkgz8

— LunarCrush (@LunarCrush) August 8, 2023

Lunar Crush, a platform that monitors social media activity surrounding cryptocurrencies, reported a staggering increase of over 200% in Hedera’s social engagement metric within the last week. This surge in online discussions, mentions, and interactions reflects a heightened level of interest and curiosity surrounding HBAR.

As the cryptocurrency community buzzes with conversations about HBAR’s potential, it becomes evident that this surge in social engagement has played a pivotal role in driving its recent price rally.

As of today, the market cap of cryptocurrencies reached $1.13 trillion. Chart: TradingView.com

Hedera: Technical Indicators Paint A Complex Picture

Peering into the technical aspects of HBAR’s recent price surge, key momentum indicators reveal interesting insights.

According to a recent price analysis, these indicators have maintained a position above their neutral center lines since the start of August, underscoring the ongoing bullish sentiment.

Source: Banknote World

However, caution flags are raised by the Relative Strength Index (RSI), which presently hovers above the 70-mark. This could suggest that HBAR is venturing into overbought territory, possibly indicating a need for a corrective pullback.

Similarly, the Money Flow Index (MFI) stands at 72.63, drawing closer to the overbought region. These indicators collectively invite a nuanced interpretation of HBAR’s current price trajectory.

In a market that thrives on speculation and anticipation, HBAR’s recent price surge and the corresponding surge in social activity have ignited intriguing conversations. As HBAR continues to make its presence felt among cryptocurrency enthusiasts and investors, its journey forward remains one to watch closely.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from NPR

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.