Hedera [HBAR] Lays the Foundation for NFT Powerhouse in 2022

• Hedera [HBAR] saw significant developments in 2022, paving the way to becoming an NFT powerhouse.
• Despite external market pressures, Hedera was able to secure a partnership with LG Art Lab to facilitate NFT distribution.
• Hedera’s NFT demand tapered off during the year due to unfavorable external market conditions.

2020 was a watershed year for the blockchain industry, with a flurry of new developments and partnerships that have pushed the industry into the limelight. Amongst the many projects that have seen success, Hedera [HBAR] has made some significant progress in 2022, laying the foundations to become an NFT powerhouse.

The year started off with the network announcing its collaboration with LG Art Lab, a partnership that aimed to facilitate NFT distribution. This was followed by the launch of HCS, an open-source smart contract platform built on Hedera Hashgraph. This move was aimed to drive the growth of the network by enabling developers to build applications on the blockchain. Along with this, the network also announced the launch of its own decentralized finance (DeFi) platform, allowing users to lend, borrow, and trade cryptocurrencies.

Hedera’s price has also been affected by the external market conditions. Despite being shy of oversold conditions in the past, the HBAR price has had volatile movements due to the instability caused by the FTX collapse. However, the network’s partnership with LG Art Lab has been a major boost for its NFT ambitions. In a tweet, the lab reiterated its commitment towards building on the Hedera network, and also confirmed that it was already building over 150 projects on the network.

Despite these developments, Hedera’s NFT demand tapered off during the year due to unfavorable external market conditions. This was further compounded by the fact that the markets were still trying to figure out the inner details of the FTX collapse. However, the network’s collaboration with LG Art Lab may facilitate faster adoption of NFTs.

Overall, Hedera has seen some significant developments in 2022, and these have laid the foundation for stronger growth in the NFT market. With the markets now settling down and investors looking towards the future, Hedera [HBAR] could be set to make a strong comeback in 2023.

Dogecoin [DOGE] Price Reversal Possible as MFI & RSI Signal Bullish Momentum

• Dogecoin [DOGE] recently experienced a price correction of about 9%, dropping from $0.07749 to $0.06930.
• If the recent support of $0.06930 remains sturdy, bulls could inflict a price recovery with a potential of over 9% gain targeting $0.07749.
• The Money Flow Index (MFI) and Relative Strength Index (RSI) both suggest that price reversal is likely underway, indicating an increased buying pressure that could boost DOGE bulls.

Dogecoin [DOGE] recently experienced a price correction, dropping from $0.07749 to $0.06930. This represented a 9% drop in the coin’s value, but some indicators are suggesting that the price could soon recover. If the recent support of $0.06930 remains sturdy, bulls could inflict a price recovery with a potential of over 9% gain targeting $0.07749.

To better understand the current situation and forecast potential future price movements, it is important to evaluate factors such as the Money Flow Index (MFI) and Relative Strength Index (RSI). The MFI, which measures the buying and selling pressure of a security, suggested that a price reversal was likely underway. This was indicated by the uptick in the MFI after a recent slump, which showed that accumulation was happening. Therefore, a slight buying pressure had been built up.

The RSI has been rejected twice whenever it hit near the 30-level. If the trend repeats, RSI rejection at this level could signal a price reversal. The RSI rejection as well as an upward move would signal an increased buying pressure that could boost DOGE bulls. Therefore, DOGE could move forward and retest or break above the resistance level at $0.07749. However, before doing so, investors must evaluate whether the support at $0.07100 can hold.

The support at $0.07100 has been retested thrice, twice in November and once in December. If the support remains sturdy, bulls could launch a price recovery. The support at $0.07100 has been tested multiple times, and if it holds, it could provide a strong foundation for the upside move.

In conclusion, Dogecoin [DOGE] appears to be forming the foundations for a price recovery. The Money Flow Index (MFI) and Relative Strength Index (RSI) both suggest that a price reversal is likely underway, indicating an increased buying pressure that could boost DOGE bulls. This could result in a potential of over 9% gain targeting $0.07749. However, before entering long trades, investors must evaluate whether the support at $0.07100 can hold, as a move below that could invalidate the above-mentioned forecast.

Litecoin Whale Accumulation Jumps to Highest Point Since 2020

• Litecoin [LTC] holders have seen a historical jump in whale accumulation, with the count of LTC addresses holding over 1000 coins rallying to a high of 4232 addresses, the highest count since 2020.
• On-chain analytics platform Santiment revealed that since 12 June, the LTC / BTC price ratio has jumped by over 130%, with LTC trading at $67.51.
• According to the on-chain assessment of LTC’s Age Consumed metric, the altcoin clinched a local price bottom of $56.55 on 14 November following a surge in the metric.

The cryptocurrency market has seen a surge in activity in the past few weeks, with many altcoins rallying significantly against Bitcoin. One such altcoin that has seen a jump in its on-chain activity is Litecoin [LTC], the sixth-largest cryptocurrency by market cap. Data from on-chain analytics platform Santiment revealed that the count of LTC addresses holding over 1000 coins has reached a high of 4232 addresses, the highest count since 2020.

This indicates that the whales, or large holders of the cryptocurrency, are accumulating more LTC. This comes after a period of FUD in the market and a subsequent sell-off of LTC holdings. However, with the FUD beginning to subside, these holders have started buying back into the market, pushing the count of such addresses to a high.

Further, since 12 June, the LTC / BTC price ratio has jumped by over 130%. As of this writing, LTC traded at $67.51, placing it on CoinMarketCap’s list of cryptocurrency assets with the most gains in the last seven days.

On-chain assessment of LTC’s Age Consumed metric revealed that the altcoin clinched a local price bottom of $56.55 on 14 November following a surge in the metric. This was followed by a temporal decline in LTC’s value, after which it rallied by 19%. Age Consumed is a measure of the activity of previously inactive coins on the blockchain. A sudden increase in Age Consumed suggests that a large number of previously idle tokens are now being moved or transferred between addresses, indicating a significant change in the behavior of long-term holders.

The surge in whale accumulation and the increase in the LTC / BTC price ratio suggests that Litecoin may be set to close out the year with a bang. However, it remains to be seen whether the current rally in the altcoin can be sustained or if it will fizzle out in the coming days.