HBAR price coils for breakout following Grayscale Hedera Trust filing
HBAR price is heating up for a breakout from a bullish pattern, fueled by recent news that Grayscale has registered a Hedera Trust ETF.
- HBAR price is heating up for a potential breakout from a bullish pattern, targeting $0.40.
- With volume contracting while HBAR tests resistance, a breakout appears imminent.
- Grayscale registered the Hedera Trust ETF in Delaware on August 12, adding to the bullish outlook.
After breaking out of a double bottom with a neckline at $0.23, Hedera (HBAR) price topped out at $0.30, failing to clear that resistance on two separate tries. The subsequent pullback retraced toward the breakout zone. However, the price held firm above the $0.23 support.
Since then, HBAR price action has compressed into a bullish pennant — a continuation pattern that often precedes another leg higher in strong uptrends. The contracting range reflects temporary indecision, while the broader context — a bullish crossover between EMA 20 and SMA 50 — keeps the bullish narrative intact. The volume has contracted significantly since the latest pullback to $0.23 support, which is consistent with the bullish pennant breakout scenario.
Today’s daily candle is testing the upper boundary of the pennant, with volume starting to pick up — up roughly 30% over the past 24 hours — just as the two converging lines of the triangle approach their apex. This setup suggests that a breakout is imminent. If HBAR breaks above the pennant, the measured move projects a target of approximately $0.37, based on the height of the preceding flagpole.
There’s still a possibility that HBAR price may pull back within the pennant and continue to consolidate toward the apex. However, as long as the lower trendline support holds, the bullish scenario remains intact.
What’s driving HBAR price?
Apart from the strong technical setup, HBAR price momentum is being supported by a recent fundamental development. Just two days ago, on August 12, Grayscale registered the Hedera Trust ETF in Delaware, alongside a Cardano (ADA) ETF. These registrations are significant because they often precede official S-1 filings with the SEC, signaling a potential launch of a regulated investment vehicle for HBAR.
There is also speculation that BlackRock will file for a Hedera ETF by Monday.
