Metahero (HERO), the native token of the BSC-based Metahero ecosystem, is starting July on a positive note after falling 25% in June due to the prevailing market correction.
Unlike July, HERO started June with bearish pressure, seeing three consecutive days of turbulence early in the month amid a downtrend that spilled over from May. This was largely due to the overall bearish market conditions that saw Bitcoin (BTC) give up much of its March gains.
Launched in 2021, the HERO token is critical to the Metahero ecosystem, providing holders with special access and benefits. As a utility token, HERO powers transactions in the ecosystem’s NFT marketplace and royalty payments. It boasts a deflationary model that reduces its supply over time and increases scarcity.
On June 21, Metahero announced the launch of its mobile app, which allows users to create and customize their avatars and manage their HERO assets.
📢 CALLING ALL HEROES 📢
Exciting news!
With the launch of our highly anticipated Metahero app approaching, we want to feature YOU, the real heroes, in our pre-release campaign! 🦸
If you’ve been scanned and would like your avatar to potentially appear in future content, please contact our… pic.twitter.com/dOLyrHb4Pq
— Metahero.io (@Metahero_io) June 21, 2024
The token’s downward trend in June continued throughout the month, resulting in a 25.21% drop. This marked HERO’s third consecutive losing month, following a 19.92% drop in May and a 26.92% plunge in April. These drops have resulted in a 34% drop year-to-date, despite gains seen in February and March.
Now, as the broader market prepares for a rebound in July, HERO is already showing strength. Notably, the asset’s relative strength index (RSI) has since recovered from a plunge into oversold territory at 27.78 on June 28.
HERO’s bullish momentum began on June 29 after the RSI dropped. The token has now recorded two consecutive intraday gains, looking to consolidate another daily gain today. Historically, July has been a generally bullish month for HERO, despite the declines on the last two occasions.
According to market data from CryptoRank, HERO boasts an average gain of 21.2% in July over the last three years. This means 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 press time, up 2.66% over the past three days. The asset is still 65% below its yearly peak of $0.007036 during the market’s uptrend in March. Metahero has seen volume increase by 10% over the past 24 hours to $679,000.
