Future Outlook For HBAR: Insights From Hedera Q3 Surge And Price Projections

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As a seasoned analyst with over two decades of experience in both traditional finance and the burgeoning digital asset landscape, I find myself continuously intrigued by Hedera’s performance. The platform’s Q3 results reflect a mix of challenges and opportunities that are emblematic of the broader crypto sector.

The decentralized ledger platform Hedera recently released their Q3 figures, aligning with industry-wide patterns as we approach what could be a pivotal Q4 for the digital asset sector. These results offer glimpses into the potential trajectory of their native token, HBAR.

Hedera Achieves Record Revenue In Q3 Despite Price Corrections

Examining the data, it’s worth mentioning that Hedera’s current market capitalization dropped by 21% compared to the previous quarter (QoQ) and stood at $2.2 billion in Q3. This decrease in value was observed after strong performances earlier in the year, which caused HBAR’s rank among all cryptocurrencies to drop from 30th place to 46th position.

The circulating supply of HBAR also saw a slight increase of 5%, totaling 37.6 billion HBAR. The HBAR price dipped by 20%, decreasing from $0.08 to $0.06, reflecting market volatility and challenges the broader crypto sector faced during the period.

Regardless of price fluctuations, Hedera made significant earnings benchmarks. In the third quarter alone, income from network transaction fees peaked at a staggering 27 million HBAR, which represents an impressive 85% growth from the previous quarter and outperforms the previous record set in Q4 of 2023 by surpassing it.

Quarter over quarter, the dollar-earned income climbed by 10%, reaching $1.6 million in the third quarter of 2024. This makes it the second-highest revenue quarter in USD, only slightly under its record high. The growth was largely driven by Hedera’s Consensus Service, which saw a 94% increase in QoQ revenue and accounted for an impressive 89% of the network’s total earnings.

Total Value Locked In HBAR Rises 9%

The process of locking up HBAR tokens for validation purposes continued to be strong, with approximately $22.3 billion worth being staked, which equates to about 59% of the total supply. This high percentage of staked tokens can be largely attributed to entities such as Hashgraph, who are actively involved in the network’s decision-making process and choose not to receive staking rewards.

On the other hand, there was a decrease of 22% in the daily average of new accounts being created, as well as a drop of 23% in active accounts. This suggests a possible reduction in the rate at which users are joining.

In terms of day-to-day contracts, we saw a 24% boost on average. This surge occurred consistently throughout September. On the other hand, within the Decentralized Finance (DeFi) sector, the USD value locked total decreased by 18% quarter-over-quarter. However, the HBAR’s TVL increased by 9%, indicating that most of the USD value decrease was due to the decline in HBAR’s price rather than money leaving the system.

During the final quarter, Messari predicts a rise of about 287 million units in the existing HBAR supply. This increase is mainly intended to stimulate growth within the ecosystem and provide support for open-source initiatives.

HBAR Price Outlook

Currently priced at around $0.069, HBAR is displaying a largely steady trend as we move into the final three months of the year. This stability is particularly noticeable when contrasted with prominent cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

Over the past week, Bitcoin has gained 24%, while Ethereum has surged by 31%. In contrast, HBAR has seen a more modest increase of 17%.

Even though there’s been a rise, HBAR is still about 90% lower than its highest point of $0.5692 in September 2021. This significant difference becomes even more noticeable as Bitcoin sets new record highs for four straight days and Ethereum edges closer to its peak.

Moving ahead, HBAR encounters three significant obstacles in its path that might slow down its progression, as the overall market seems poised for a surge upwards.

After emerging from a prolonged period of trading within the range of $0.047 to $0.062, the next significant hurdle for HBAR lies at approximately $0.078. This price point has functioned as a resistance level over the past four months, repeatedly hindering its upward momentum.

If the Hedera token manages to surpass its initial obstacle, it may face further challenges at approximately $0.092 and $0.118. These levels represent the six-month and eight-month resistance points in question.

If HBAR keeps moving upwards and manages to surpass crucial resistance levels, it could potentially approach its old record highs. This is more likely if the strong performance observed in significant indicators during Q3 persists and leads to additional price increases.

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2024-11-12 21:59