- HBAR Foundation CEO resigns months after BlackRock controversy
- Hedera’s Hashgraph Increases Revenue by 26% Due to Network Fees
- HBAR is looking to establish a base above $0.05 with a daily bounce rate of 3%.
Hedera Hashgraph (HBAR) has continued to make headlines this year, thanks to its institutional momentum and frequent collaborations with well-established brands. However, HBAR’s native currency has been mired in underperformance, falling more than 91% from its all-time high of $0.56 three years ago.
HBAR Foundation Pulls Plug on CEO
Hedera’s blockchain suffered a reputational blow when it was falsely reported that Hedera Hashgraph had a deal with investment giant BlackRock. This fake news immediately caused a 60% surge in HBAR, briefly reaching a new yearly high of $0.17.
It was later confirmed that the ICS US Treasury Money Market Fund (MMF) on the Hedera blockchain was contractually placed by a third party. Cryptocurrency broker and institutional exchange Archax clarified this in a follow-up message. HBAR reversed its 60% gain in the following days.
As such, Foundation CEO Shayne Higdon will be leaving his position on August 31, 2024. The departure has sparked a series of heated reactions from the HBAR community as allegations of market manipulation surrounding X spread. HBAR holders on Reddit saw it as a clean-up, saying: “Even the perception that this is an insidious act should not be tolerated.”
HBAR, Are You Ready for Bloody September?
While Hedera’s HBAR struggles against resistance and reclaims $0.05, a freefall below this level could pave the way for a new yearly bottom. September is historically a bearish month for major market cap cryptocurrencies, so while HBAR has never been in the red for four consecutive months, traders expect additional selling pressure.
Typically, a low Relative Strength Index (RSI) indicates recurrent overheating and suggests a possible uptrend. When below 40 on the 1-day technical chart, this indicator favors HBAR, even though the altcoin is trading within the negative Chaikin Money Flow (CMF) zone.
The good news is that HBAR’s upside momentum is evident in its daily 3% bounce, trading at $0.0522 at the time of writing.
The short-term bullish outlook is further reinforced by the Awesome Oscillator (AO), which calculates the difference between the 34-period and 5-period simple moving averages, which has a reading of 0.0012. From the high since August 24, 2024, the AO could signal a price reversal if the HBAR whales become more interested in filling their bags.
On the other side
- Blockchain security and analytics platform Messari also highlighted the milestone as it reported Hedera Blockchain’s Q2 2024 results.
- According to its quarterly earnings report, Hedera’s network revenue from on-chain fees increased 26% to $1.4 million.
Why this matters
Hedera Hashgraph is a major player in the cryptocurrency market thanks to its numerous use cases, making HBAR a viable option for long-term cryptocurrency investors.
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