- HBAR Foundation CEO resigns months after BlackRock’s controversy.
- Hedera’s Hashgraph jumps 26% in revenue from fees on the network.
- HBAR seeks to find its footing above $0.05 with a 3% daily rebound.
Hedera Hashgraph (HBAR) has been constantly making the news this year due to its institutional push and frequent collaborations with well-established brands. However, HBAR’s native currency has been entangled in lackluster price performance and is over 91% down from its all-time peak, hit over three years ago at $0.56.
HBAR Foundation Pulls Plug on CEO
Hedera’s blockchain took a reputational hit when it was mistakenly announced that Hedera Hashgraph had struck a deal with the investment giant BlackRock. The fake news immediately triggered a 60% run for HBAR, briefly claiming a new yearly top at $0.17.
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It was later identified that the ICS U.S. Treasury money market fund (MMF) on Hedera’s blockchain was deployed under contract via a third party. Archax, a crypto broker and institutional exchange, cleared that up in a follow-up message. HBAR subsequently retraced the 60% gains in a matter of days.
Shayne Higdon, the Foundation’s CEO, will consequently leave the role effective August 31, 2024. The departure sparked several fiery reactions from the HBAR community as market manipulation allegations swirled around X. HBAR holders on Reddit perceived this as a house-cleaning move, remarking that “even the perception of shady behavior should not be tolerated.”
HBAR Braced for Bloody September?
While Hedera’s HBAR battles the resistance ground to reclaim $0.05, a freefall below these levels could pave the way for a new yearly bottom. As September is historically bearish for major-cap cryptocurrencies, traders expect further sell pressure, even though HBAR has never seen four negative months in a row.
Usually, a low Relative Strength Index (RSI) shows a recurring oversold position, hinting at the potential for upward momentum. At below 40 on the 1-day technical charts, this metric is favorable for HBAR despite the altcoin trading within a negative Chaikin Money Flow (CMF) territory.
On a brighter note, HBAR’s upward momentum is evident in its 3% daily bounceback, which has caused it to trade at $0.0522 as of press time.
The short-term bullish outlook is further strengthened by the Awesome Oscillator (AO), scoring 0.0012 on the metric that calculates the difference between a 34-period and 5-period Simple Moving Average. At its highest point since August 24, 2024, the AO could signal a price trend reversal if the renewed interest expands to HBAR whales topping up their bags.
On the Flipside
- The blockchain security and analytics platform Messari posted Hedera blockchain’s Q2 2024 result, highlighting milestones.
- According to the quarterly performance report, Hedera’s network revenue from chain fees has risen by 26% to $1.4 million.
Why This Matters
Hedera Hashgraph is a prominent player in the crypto orb due to numerous utility cases, making HBAR a viable option for long-term crypto investors.
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