A look at Hedera's recent upgrades, testnet developments, and HBAR's price patterns, offering insights for those tracking these key crypto trends.
Hedera's been busy! From mainnet upgrades to testnet deployments, and HBAR's price action forming interesting patterns, there's a lot to unpack. Let's dive into the key developments around Hedera Ships, Testnet, and the HBAR Triangle.
Hedera's Mainnet and Testnet Upgrades
Just recently, on September 24th, Hedera completed its mainnet upgrade to v0.65.1. This upgrade focuses on improving state management and record handling, introducing features like the "Virtual Mega Map" and enhancements to Block Stream. These improvements aim for cleaner transaction records and better forward-compatibility. Following the mainnet upgrade, Hedera upgraded the testnet to v0.66 on September 25th. Previewnet already runs v0.66, signaling feature readiness ahead of testnet rollout.
A Year of Open Source with Hiero
September 16, 2024, marked a year since Hedera contributed its codebase to the Linux Foundation's Decentralized Trust initiative, creating the open Hiero codebase. This move signifies a shift towards vendor-neutral stewardship, providing developers with transparent processes and enterprises with an independent foundation for long-term maintenance.
Brand Alignment: Hedera Foundation and Hedera Council
Earlier in the year, on May 8th, the ecosystem saw a brand alignment with the HBAR Foundation becoming the Hedera Foundation, and the Hedera Governing Council becoming the Hedera Council. This change aimed to simplify external messaging while maintaining distinct roles for funding, governance, and ecosystem growth.
HBAR's Price Action: The Symmetrical Triangle
HBAR's price chart has been displaying a symmetrical triangle pattern, with descending resistance near $0.24 and rising support around $0.22. This pattern indicates a period of compression before a potential breakout. A decisive close above $0.24 could signal an upward move, potentially targeting $0.31. Conversely, a break below $0.22 might lead to a downward move towards $0.14. It's crucial to watch for confirmation, including a clean candle close beyond the boundary and a surge in volume.
HBAR's Momentum and Key Levels
HBAR's price has recently traded below the 50-day and 100-day moving averages, suggesting weakening momentum. Key levels to watch include the double-bottom zone and the $0.16 risk area. A clean daily close above the moving averages would be a positive sign, while failure to stabilize could lead to a sweep of recent lows. The MACD indicator also reflects this wavering momentum, with potential for both positive and negative shifts.
BlockDAG's Awakening Testnet: A Different Approach
While Hedera is making moves, BlockDAG is also grabbing attention with its Awakening Testnet going live on September 25th. Unlike some projects that promise features after launch, BlockDAG is delivering them during the presale. This testnet includes live chain sync, miner integration, vesting mechanics, and a reworked ledger. This approach aims to validate the network's backbone before the mainnet launch.
Final Thoughts
The crypto world keeps spinning! With Hedera's upgrades, open-source initiatives, brand alignments, and interesting HBAR price patterns, there's never a dull moment. Keep an eye on those charts, folks, and remember to DYOR (do your own research)! Who knows what tomorrow will bring? Maybe HBAR will break out of that triangle, or BlockDAG will redefine what it means to launch a blockchain. Stay tuned!
