Hedera is poised to benefit from growth as the world pushes for more energy efficient and environmentally friendly solutions. HBAR bulls provided a strong defense against the resurgence of selling pressure.
The Hedera blockchain describes itself as the cleanest blockchain in terms of energy consumption. We saw a strong push for efficiency in 2022 and this trend is likely to continue, which is why HBAR enthusiasts should take note of the latest updates regarding the network.
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Avery Dennison, one of the world’s leading materials science companies, confirmed Hedera’s presence at this year’s World Economic Forum. The same company is currently one of Hedera’s partners, which means that the network is already attracting partners aligned with the WEF’s efficiency and sustainability plans.
Avery Dennison is proud to join our partner Hedera #WEF23 in Davos. Michael Colarossi, Pascale Wautelet, Neil Hay and Kamila Kocia to share our https://t.co/EqzdfELHK4 technology and discuss solutions related to efficiency #supply chainsreduce #waste and drive #circularity. pic.twitter.com/lT2D1cH8kF
— Avery Dennison (@AveryDennison) January 14, 2023
It should be interesting to see what Hedera has planned in terms of sustainability this year. We may see more collaboration announcements at the upcoming WEF23 event. Especially partnerships that can support the growth of Hedera in 2023.
The announcement also highlights Hedera’s drive for partnerships in key industries aligned with the sustainability agenda. These areas may drive organic adoption going forward, putting HBAR on a fast track to robust growth.
HBAR has seen an increase in both demand and price in the first two weeks of January, after previously crashing hard in 2022. The cryptocurrency has just closed a 49% increase in the past two weeks.
HBAR bears turn up the heat
The past 24 hours have been marked by a surge in selling pressure. However, there is still a lot of buying volume in the market hence the cryptocurrency is holding onto its profits despite being overbought. One possible reason is that there is still demand due to the recent volume spike.
HBAR’s volatility measure points to renewed momentum towards the end of the second week of January. This contributed to the sustainable process. It also helped that HBAR’s weighted sentiment rose sharply towards the end of last week. An indication of strong demand.
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The increase in weighted sentiment reflects strong demand for HBAR in the derivatives market. This was demonstrated by the positive side of HBAR’s Binance funding rate.
Current bearish expectations for HBAR have been revised by the bulls. It experienced weak bearish momentum, especially as the market shows resistance to the downtrend. Nevertheless, the long-term potential of HBAR in 2023 looks promising.
This post Why Hedera [HBAR] should be on your watchlist in 2023
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