Upgrade Announcement and Microsoft Collaboration Excite Investors

On Sep 24, 2024

Hedera (HBAR) has gained 16% in the past week as excitement for the upcoming Renaissance Upgrade in October mounts.
Industry experts have also hinted at an upcoming partnership with Microsoft, the world’s second-largest company by market cap.

Hedera is riding high. In the past week, the token has been one of the big gainers in the top 50 coins, and in the past day, this momentum has continued, pushing HBAR 2.6%.

HBAR trades at $0.05735 at press time, raising the market cap by 4.4% to $2.157 billion and cementing its spot in the top 50 coins in the sector.

Hedera hit a weekly high at $0.05797 earlier today, its highest level in a month, before losing its momentum to retrace slightly. In the past week, it has gained 16.5%. Its trading volume has also failed to catch up with the big leaps in the price; in the past day, just $54.3 million worth of HBAR changed hands, which doesn’t rank in the top 100 coins by volume.

HBAR has been trapped in a long-term accumulation phase for over 600 days, as one analyst noted on X. The immediate resistance stands at $0.0962, and if it breezes past this level, the Fibonacci 0.618 level will be the next major resistance, which stands at $0.2, as shown below.

The Renaissance Upgrade and Microsoft Partnership for Hedera

While HBAR, like all the other cryptos, benefitted from the overall rise in momentum sparked by the broader bearish macroeconomic conditions, the project also got a boost from the anticipated partnerships and upgrades that will impact its technology.

One key anticipated partnership is with Microsoft, the world’s second-largest company with a $3.186 trillion. The Windows maker and the Hashgraph Association—which fosters the development of the Hedera ecosystem—have partnered on some initiatives in the past, including as founding members of the InterWork Alliance, a tokenization standards platform. Microsoft has also been vastly involved in crypto and blockchain initiatives in the Middle East, most recently in Qatar, with the HBAR Foundation.

The two are set to partner for an event today in New York City focused on introducing greater transparency and trust in carbon markets with the Hedera Guardian, a blockchain platform designed to make carbon credits and sustainability claims traceable and auditable.

🤝 How can we bring greater transparency and trust to carbon markets? Join @HBAR_foundation as they showcase @hedera Guardian, a platform designed to make #CarbonCredits and sustainability claims auditable and traceable. pic.twitter.com/9oYyAAcida
— Blockchain x Climate (BxC) (@BxClimate) September 18, 2024

This has sparked rumors that the two are cooking something up. One popular crypto YouTuber believes that the two will announce a new partnership soon. Known to his 107,000 YouTube subscribers as NCashOfficial, he says that the entities are perfectly suited, with Microsoft bringing the tech might while Hedera offers one of the most scalable blockchains in the sector.

On the tech side, Hedera has teased a new upgrade in the next week, sparking excitement within the HBAR community, The project has not released any details about the project, save for a cryptic caption: “A renaissance awaits.”