- HBAR tacked on to a 12% relief rally after the FED announced an interest rate cut.
- Axelar and HBAR Foundation reveal a major upgrade coming in early October.
- HBAR price shows signs of a sustained breakout if Bitcoin (BTC) holds up well.
A tweet by the HBAR Foundation has piqued the interest of HBAR holders. The 28-second clip, titled ‘Renaissance,’ suggested the community mark their calendars for October 3, 2024. Originally posted by Axelar Network, this video clip potentially preludes an upcoming decentralized application (dApp) built on Hedera’s Hashgraph.
HBAR Foundation Calls for Renaissance
Axelar, a Web3 enterprise focused on interoperability between blockchains, didn’t provide any further details about the Renaissance on Hedera, but HBAR holders have created a buzz on social media about the possible implications. This cross-chain move comes just three weeks after HBAR Foundation’s CEO Shayne Higdon’s resignation.
HBAR enthusiast Turbulent Insect posted a thread on Reddit claiming that “some selected people in the ecosystem seem to know something they can’t share yet.” In the thread, Redditors were mulling the news to mark a significant use case, alluding to the Google Cloud partnership, which inspired a massive bull run for HBAR back in 2020.
HBAR Hits Checkpoint At $0.055, What’s Next?
As Bitcoin soared past $63,500 last weekend, the leading digital asset’s 8% 7-day upswing has extended to HBAR. Usually sporting a high price correlation with BTC, Hedera Hashgraph rose by 12% in the same timeframe, conquering several resistance levels to trade at $0.05555 as of press time.
Crypto analysts believe this bullish breakout could continue to $0.059 – $0.063, given that Bitcoin does not see a severe market correction below $62.5K. Based upon independent HBAR metrics, the extended breakout probability is strengthened by a positive Chaikin Money Flow (CMF) index since the start of the day, hinting at rising positive net flows.
Additionally, Bollinger Bands (BOLL) on 1-day and 1-hour charts indicate impending HBAR price fluctuations. If Hedera Hashgraph’s native crypto flips the script in the longer term, a weekly consolidation could assist in claiming a new three-month high for HBAR.
HBAR soared to $0.06 on August 25, 2024, but was rejected at the confluent resistance level and sent back below key support at $0.05. Trading well above this region, Hedera has a global market cap of $2.058B but is still over 90% down from its all-time peak of $0.56 scored over three years ago.
On the Flipside
- Last week, Hedera Hashgraph became a founding premier member of Linux’s decentralized trust, hallmarking a breakthrough partnership with Linux.
- Hedera Hashraph contributed its entire codebase to the Linux Foundation, but this major collaboration move hardly reflected Hedera’s (HBAR) price.
Why This Matters
Building new applications on top of a scalable and reliable chain deepens liquidity and usually leads to eventual price appreciation on the network’s native crypto.
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