Metahero (HERO), the BSC-based native token of the Metahero ecosystem, is starting the month of July on an uptrend after witnessing a 25% drop in June due to the prevailing market pullback.
Unlike July, HERO started June with bearish pressure, witnessing three consecutive days of turbulence at the beginning of the month in the wake of a downtrend that extended from May. This was largely due to the overall bearish market conditions, which saw bitcoin (btc) lose most of its March gains.
The HERO token, launched in 2021, is crucial to the Metahero ecosystem, granting its holders special access and benefits. As a utility token, HERO supports transactions on the ecosystem’s nft marketplace and royalty payments. It features a deflationary model, which reduces its supply over time and reinforces scarcity.
On June 21, Metahero announced the launch of its phone app where users could create and customize their avatars and manage their HERO holdings.
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The token’s downtrend in June persisted throughout the month, leading to a 25.21% collapse. This marked HERO’s third consecutive month of losses, following a 19.92% drop in May and a 26.92% collapse in April. These declines have led to a 34% year-to-date drop despite gains seen in February and March.
Now, with the broader market gearing up for a rally in July, HERO is already showing strength. Notably, the asset’s relative strength index (RSI) has since recovered following the breakdown to the oversold zone at 27.78 on June 28.
HERO’s bullish momentum began on June 29 following the RSI drop. The token has recorded two consecutive intraday gains and looks set to close another daily increase today. Historically, the month of July has generally been bullish for HERO despite the drops in the last two instances.
According to the market data According to CryptoRank, HERO has averaged a 21.2% gain in July over the past three years. This indicates that, based on average returns, July is the asset’s fourth most bullish month, behind September (60%), October (34.5%) and November (25.6%).
HERO is trading at $0.002434 at the time of writing, up 2.66% over the past three days. The asset is still 65% below its yearly peak of $0.007036 during the market’s March bull run. Metahero has seen a 10% increase in volume over the past 24 hours to $679,000.
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