The daily chart showed price slipping after an early January push, with the candles going lower toward the mid-range of the Bollinger Bands. Momentum hasn’t gone into panic mode yet.
RSI was around 44 at press time, so there’s weakness without being oversold. Bearish pressure, too, is easing.
Source: Coinalyze
Open Interest has stayed flat near $55 million, so there’s a lack of aggressive position unwinding. Funding rates are slightly positive; traders aren’t heavily betting against the price. It looks like consolidation while waiting for a clear sign.
Hedera back in focus
Source: X
JPMorgan recently cited Hedera Hashgraph as an example of a public-permissioned network. This is a model that brings open access to operational control, more compatible with enterprise and regulatory needs.
Source: Santiment
Meanwhile, Santiment data has Hedera on fourth globally for development activity over the past 30 days, along with some of crypto’s most actively built networks.
All eyes on the upgrade
The next immediate test for Hedera comes with its planned mainnet upgrade to v0.69 on the 21st of January. This comes with HBAR’s price in freefall, even with strong developer activity.
For the market, this upgrade will prove Hedera can keep executing smoothly without all the hype and noise.
Source: status.hedera.com
If all goes as planned and performance improves, the upgrade could help close the gap between development and how HBAR is currently valued.
Final Thoughts
- HBAR price is weak, but fundamentals look much better.
- The mainnet upgrade could be a short-term catalyst.
Credit: Source link