Hedera Up Over 13% in Anticipation of Major Upgrade

Hedera Hashgraph has had an exciting start to the week. It rallied over 13% from its previous seven-day price as traders await a new upgrade in the token’s ecosystem.

Rumors in the Hedera community built up after hints originated from the HBAR Foundation and the Axelar Network about a significant event planned for early October 2024. The recent price shallows the increasing hype and positivity about HBAR from its holders.

The excitement started after Axelar Network, which claimed to be working on bridging the gap in blockchain ecosystems, shared a teaser video dubbed ‘Renaissance’ and set October 3, 2024, as the anticipated date. The HBAR Foundation posted the video, and the Hedera community immediately focused on what the date might symbolize.

However, the specifics have yet to be worked out. The proliferation of an upgrade or a new decentralized application on the Hedera network is expected to be behind this hype.

Recent activities by the HBAR Foundation have raised eyebrows on social sites again. The clip has been considered an indication that something big is happening to the network, which will benefit Hedera.

Even though details about the so-called ‘Renaissance’ remain obscure, this term has caused interest among the HBAR holders. Some analysts believe it may entail a dramatic change in the Hedera market configuration.

Hedera Market Review

The price of HBAR has also been on the rise. It increased by 13.4% in the past seven days during press time in preparation for the October event. The current market price of HBAR stands at $0.05705. Hedera’s total market cap also increased, reaching around $2.15 billion.

On the other hand, the trading volume in the last 24 hours grew by almost 55% as investors re-engaged in the stock. Looking at the trading data, HBAR is currently in an ascending channel, meaning it follows through the bullish move.

The most recent volume oscillator shows that there has been a decrease in the selling pressure volume, which has led to an increase in the price, with market participants waiting for further news. The chart of Hedera exemplifies an upward price direction as HBAR stays in an established upward price range.

Technical charting reveals that the stock is bullish as investors are excited about the hints of an upgrade. The breakout above key resistance levels has established a bullish trend for HARB, with the technical indicators suggesting a continuation of the upward trend.

1-hour HBAR/USDT Chart | Source: TradingView

Market Reactions and Community Speculation

The rallying for Hedera’s possible upgrade has not been felt in the social media channels. Posts on forums such as Reddit show how enthusiastic the community is about previewing what is upcoming on October 3, 2024. Others, such as Reddit user Turbulent Insect, have proposed that some ecosystem participants could already know of events that have not been announced yet, furthering perpetual speculation and hitch.

This novelty appears a few days after Shayne Higdon, the CEO of the HBAR Foundation, recently left the company, which will undoubtedly raise additional interest in the following announcement. The nature of this ‘Renaissance’ is still unknown, yet the idea of a better Hedera ecosystem ahead of time keeps people focused. Investors especially follow any new information.