Honors and all you need to know about the network’s short- and long-term prospects

  • Hedera remains on a healthy growth trajectory with over 150 projects on board
  • Jorge Pesoc gives his short and long term vision for the market

The past few weeks have been a roller coaster for Hedera [HBAR] Investors and traders. The cryptocurrency has been in a free fall, after failed bullish attempts. The black swan of FTX last week was responsible for the market crash. Investor sentiment has been hurt, but Hedera’s general counsel Jorge Pessock’s comments during an interview may provide some relief.

honor reading [HBAR] Price forecast 2023-2024

One of the most important aspects of the interview with the attorney is that she has already given grants to more than 150 projects. This means that over 150 projects were currently built on the Layer 1 Hedera blockchain.

Building towards organic benefits, regulation, and long-term growth

This large number of projects based on the Hedera network indicated a strong potential value. This can be considered as the value that can contribute to the long-term organic demand for the HBAR cryptocurrency. The large number of projects should also contribute to the healthy development activity within the network.

Source: feeling

Hedera Network has also primarily focused on promoting development within the decentralized ecosystem. However I realized the need to change the industry. Pesok acknowledged that regulatory uncertainty was one of the biggest challenges currently facing the crypto industry. Pesok was saying this about regulation.

“I think it’s all very interesting. That’s why I love space. It keeps me on my toes and keeps me updated.”

Pesok also expressed enthusiasm about the use cases that have been unlocked through blockchain. In particular, he acknowledged the problems that blockchain is solving in the remittance industry and the digital asset space.

When asked to forecast the crypto market, the general counsel stated that he expects short-term headwinds to continue. He also indicated that he hopes for a stronger recovery during the next bullish wave and an increase in institutional demand.

Quick price check

HBAR’s latest price action indicated that demand has yet to recover, especially after last week’s bearish performance. It was trading at $0.44 at press time, which means that it has rebounded near its 2022 low.

HBAR price movement honor

Source: TradingView

We could see HBAR trying to recover in the next few weeks. However, this may require a positive change in market sentiment. Investor sentiment remained cautious, especially after the events of a week ago.

Additionally, the HBAR weighted sentiment was still tilted to the downside.

Honor weighted emotion

Source: feeling

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