• Hedera was the victim of its first technical glitch in 2023.
  • HBAR bulls finally made an appearance during a healthy recovery of the market.

This week was interesting for the markets, but mixed bag for investors. Hedera [HBAR]. This is mainly because the network reported its first technical problem in 2023, which caused some disruptions to its network.

Realistic or not, here’s Hedera market cap in BTC’s terms

The Hedera blockchain announced on 11 January that some dApps were experiencing disruptions. The glitch affected dApps that were running on the legacy Hedera JavaScript SDK. According to the update, the glitch only affected a single node and caused it to experience downtime.

The issue was fixed according to a recent update. The affected node was operational at press time. While this issue tainted Hedera 2023, it has not had a negative impact on HBAR’s price action until the time of writing.

Hedera bulls push past 50-day MA

HBAR has been a constant bullish trajectory So far in January 2023. After a 30% increase, it managed to surpass the 50-day moving mean for the first time in four weeks. This was due to the continued rally in the overall cryptocurrency market.

Hedera HBAR price action

Source: TradingView

The market’s current state was a major factor in determining the short-term outlook. The slight upward trend in the weighted sentiment indicator indicated that the market saw a sentiment improvement. In the last 10 days, the demand for HBAR in derivatives markets has risen.

Hedera weighted sentiment and Binance funding rate

Source: Santiment

The short-term bullish trend has been evident so far. However, investors who don’t anticipate a sustained rally into the midterm may soon feel some selling pressure. long-term.

Although it is difficult to predict the future, there are other areas such development that point to continued growth.

Is your portfolio green? Take a look at the Hedera Profit Calculator

Support for long-term growth can be seen in the recent announcement regarding asset tokenization on Hedera. The Hashgraph Association will likely issue a grant of more than $750,000 to support the creation of Hedera asset tokenization products.

This move may bring more utility and value to the Hedera ecosystem. This could also mean more developments for 2023. Interestingly, Hedera’s development activity is already off to a healthy start in January.

Hedera development activity

Source: Santiment

Hopefully, this year’s developments will stimulate more organic demand. If this happens, then it might support organic recover. HBAR.

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