HBAR OI Declines – Is The Price Trend Reflecting OI Trend?

• 1 Hedera Open Interest has seen a decline from the highs of $138 Million to a low of $44 Million last month.
• 2 HBAR price is currently trading near the value of $0.09 with a gain of over 85% in the last one year

Hedera is a decentralized,open source, proof of stake public ledger which utilizes aBFT hashgraph consensus algorithm. The official token of the Hedera HBAR fuels the ecosystem like smart contracts, file storages and regular transactions. One of the most noticeable features of the network is the Gossip-about-Gossip protocol. As per its inventor Dr. Leemon Baird the system nodes randomly transmit data about themselves to other nodes via hashgraph using the Gossip protocol. After it a certain data structure is formed which consists of a payload of transactions, a timestamp, a digital signature, and hashes to the previous structures.

Source: Hedera.com

Hedera has an average transaction fee of over $0.001 with transactions being completed under five seconds. Meanwhile, Hedera Hashgraph claims that they can handle more than 10000 transactions per second compared to the 5 to 20 tps of the other PoW based blockchains. The Hedera code base and ecosystem are open source and contributed by the community through Hedera Improvement Proposals. Let’s have a look towards the onchain analytics of the Hedera

HBAR New Accounts Created Declines, Will This Trend Continue?

HBAR has a total supply of 50,000,000,000 HBAR in which 71% of the supply is circulating in the market. Meanwhile, the top 10 holders have over 67% of the total supply. The average TPS of the Hedera is near 1.7k with a maximum TPS of around 11624.

Source; Hedera TPS by Metrika

Hedera showed a decline of around 100k in account creation from April to May 2024. The overall active accounts has also remained stagnant in the last few months. Meanwhile, the number of NFTs minted on the Hedera platform has observed a slight increase from 94k to 104k in the last 30 days.

Source: HBAR OI By Coinglass

HBAR has observed a rise in the Open Interest in April 2024; reached nearly $134 Million. It has been on the decline ever since and is currently near $41 Million. The overall long short ratio of the HBAR across all the exchanges is near 1.02 with the highest in the Binance. Let’s have a look towards the price action scenario of the HBAR

Are Bears Of HBAR Halting The Run?

Ritika_TCR on TradingView.com

Hedera has a market cap of $3.23 Billion and is ranked 32nd in the cryptoverse. It has observed a decline of 54% in the overall volume intraday. HBAR is currently trading near the value of $0.09 with a slight gain in the intraday session.

The asset price is currently forming bearish candles on the daily chart. It is trading below the 50 and 100 EMA on the daily chart. The upside trend of HBAR could halt near $0.125. Meanwhile, the support of the asset price is near $0.085.

The RSI of the HBAR is near 32 with a strong negative slope. The overall sentiment of the RSI is bearish in nature.

Conclusion

The count of new accounts created is stagnating. NFTs minted on the platform has also declined. HBAR price is currently reflecting bearish momentum but can see a new high in the near future.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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