Key Takeaways
- The HBAR token from Hedera has seen a 1% increase, trading above $0.22.
- The token may rally further as Grayscale files for a spot HBAR ETF with the SEC.
Grayscale Files for an HBAR ETF
The cryptocurrency market has been bullish in recent days, with Bitcoin reaching $113,000 and Hyperliquid’s HYPE hitting a new all-time high. HBAR from Hedera has also shown resilience, gaining over 3% in the past week.
Further speculation regarding ETFs has emerged, as digital asset manager Grayscale has filed S-3 applications for exchange-traded funds related to Bitcoin Cash and Hedera (HBAR). If approved, these funds will join Grayscale’s existing crypto ETFs, which already include spot Bitcoin and Ether ETFs launched last year.
Hedera has established itself as a prominent blockchain in the crypto space, particularly as a key destination for real-world asset projects. The HBAR token is currently the 18th largest cryptocurrency, with a market cap of nearly $10 billion. An approval for a spot HBAR ETF could lead to significant gains, potentially allowing the token to reach new all-time highs for the first time in four years.
HBAR Eyes $0.27 with Strong Technical Indicators
The HBAR/USD 4-hour chart displays a bullish trend as the market recoveries. Technical indicators are strong, indicating that HBAR may be gearing up for a breakout.
With a Relative Strength Index (RSI) of 63, HBAR shows bullish momentum, and the MACD lines have already converged into positive territory. If the upward trend continues, HBAR could hit its first major resistance level at $0.245 before attempting to surpass the August peak of $0.27.
However, if it fails to maintain this momentum, HBAR could drop to a low of $0.22 before retesting the weekend support level of $0.21046. Despite these potential setbacks, the overall market trend remains bullish, suggesting HBAR may achieve new highs in the coming days and weeks.
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