HBAR Price Plummets as Hedera Resumes Operations

• Hedera network recently suffered a downtime due to an exploit of the Smart Contract Service code, resulting in a liquidity exodus and a decrease in price.
• Following the resumption of operations, Hedera’s total value of assets locked (TVL) has increased by 7% in the last 24 hours, while transactions per second have risen.
• However, HBAR’s price has dropped by 34% since February 20 and is currently in a bear market with sellers dominating the market according to its Directional Movement Index (DMI).

Hedera Network Experiences Downtime

Following an exploit of the Smart Contract Service code on 10 March, Hedera network was forced to go offline for approximately 24 hours. This resulted in a liquidity exit that drove its price down.

Network Resumes Operations

Once operations resumed on 11 March, the total value of assets locked (TVL) on DeFi protocols on Hedera rose 7%, with transactions per second increasing as well. Twitter user KungensSlott complained of low transactions per second rate but they have since seen an uptick.

HBAR Price Dropping

The price of HBAR also rose to a peak on 20 February but has since experienced a decline and is currently trading at $0.05795 at press time – dropping by 34% in 20 days according to CoinMarketCap data. The Moving average convergence/divergence (MACD) indicator showed that the intersection of the MACD line with the trend line occurred in a downtrend position after 20 February, indicating that bears are now regaining control over the market.

Sellers Dominate Market

This sentiment was further solidified by HBAR’s Directional Movement Index (DMI), which showed that seller’s strength was solidly above buyers‘ at 26.77 and 11.52 respectively at press time.

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Despite this gloomy outlook for HBAR’s future, Is your portfolio green? Check out the Hedera Profit Calculator for more information about how it could benefit you financially!