Metahero (HERO), the BSC-based native token of the Metahero ecosystem, begins the month of July on bullish grounds after witnessing a 25% drop in June due to the prevalent market retracement.
Unlike July, HERO started June with bearish pressure, witnessing three consecutive days of turbulence at the beginning of the month on the back of a downtrend that spilled from May. This was largely due to the overall bearish conditions in the market, which saw Bitcoin (BTC) give up most of its March gains.
Launched in 2021, the HERO token is crucial to the Metahero ecosystem, granting holders special access and benefits. As a utility token, HERO supports transactions on the ecosystem’s NFT marketplace and royalty payments. It boasts a deflationary model, which reduces its supply over time and bolsters scarcity.
On June 21, Metahero announced the launch of its phone application where users could create and customize their avatars, and manage their HERO holdings.
— Metahero.io (@Metahero_io) June 21, 2024📢 CALLING ALL HEROES 📢
Exciting news!
With the launch of our much-anticipated Metahero app approaching, we want to feature YOU, the real heroes, in our pre-launch campaign! 🦸
If you’ve been scanned and want your avatar to potentially feature in upcoming content, contact our… pic.twitter.com/dOLyrHb4Pq
The token’s June downtrend persisted throughout the month, leading to the 25.21% collapse. This marked the HERO’s third straight losing month, following a 19.92% drop in May and a 26.92% collapse in April. These declines have pushed it into a 34% slump year-to-date despite the gains witnessed in February and March.
Now, with the broader market gearing up to stage a rebound in July, HERO is already displaying strength. Notably, the asset’s Relative Strength Index (RSI) has since recovered following the collapse to the oversold zone at 27.78 on June 28.
HERO’s bullish momentum began on June 29 following the drop in RSI. The token has now recorded two consecutive intraday gains, looking to seal another daily increase today. Historically, the month of July has been generally bullish for HERO despite declines in the last two instances.
According to market data from CryptoRank, HERO boasts an average gain of 21.2% 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 reporting time, up 2.66% over the last three days. The asset is still down 65% from its yearly peak of $0.007036 during the market uptrend in March. Metahero has seen a 10% increase in volume over the last 24 hours to $679,000.