• Hedera has launched its first social network, Calaxy, which has the potential to attract more users onto the Hedera ecosystem.
• Despite this milestone, HBAR’s price action does not indicate a shift in demand dynamics and is on a bearish trajectory for the past 3 days.
• HBAR’s current price pattern suggests that it may register the next support retest around the $0.53 price range if it maintains its ongoing trajectory.
Hedera’s Launch of Calaxy
Hedera has just concluded one of its most exciting weeks in recent history, marked by the launch of its first social network called Calaxy. With this milestone, there is potential for Calaxy to bring more users into the Hedera ecosystem and cause positive impacts on native cryptocurrency HBAR.
HBAR Price Action Unfazed
Despite this major development, HBAR’s price action remains unfazed and is currently on a bearish trajectory over the last three days since mid-week. Prior to that, HBAR was in an ascending pattern since the second week of June that was underpinned by support and resistance levels.
Support Retest Coming?
The mid-week bearish pivot occurred after a retest of its ascending support on Wednesday with prices peaking at $0.63 before dropping back down to $0.57 range. This pattern suggests that there could be another support retest approaching around the $0.53 level if it continues on its current path.
Volume Back To Regular Levels
On-chain data also reveals that HBAR volume is back to regular levels following a surge during the latest rally period prior to mid-week bearish shift. This confirms that there has been an overall downward trend over these few days after reaching peak prices earlier in August 2023 .
In conclusion, while Hedera’s launch of Calaxy can attract more users onto their platform, this does not appear to have had any immediate effect on HBAR’s price action thus far as it remains bearish heading into another possible support retest at around $0