Hedera price rises after major Canary HBAR ETF news
Hedera price rose for four consecutive days after Canary filed Form 8-A of its spot HBAR ETF with the Securities and Exchange Commission, and as the crypto market rally continued.
- HBAR price rose after Canary filed its 8-A for its ETFs.
- There is speculation that the HBAR ETF will be approved this week.
- Technicals point to a bearish breakout in the near term.
HBAR ETF could start trading this week
Hedera Hashgraph (HBAR) token jumped to a high of $0.1816, up by 80% from its lowest point this year. It remains in a bear market after falling by 40% from its highest level in July.
HBAR price rally coincided with the performance of the crypto market, which jumped because of several macro tailwinds. Most tokens rose after China and the US reached a preliminary trade agreement and the rising odds that the Federal Reserve will cut interest rates.
Hedera token also rose after Canary Capital filed its 8-A filing for HBAR and Litecoin (LTC) ETFs. According to Eric Balchunas, the Senior ETF analyst at Bloomberg, there are rumors that these ETFs may start trading this week even as the government shutdown continues.
Form 8-A registers securities, especially ETFs, with the SEC so that they can be listed on a national exchange. In this case, the spot HBAR ETF, if approved, will start trading on the NASDAQ Exchange.
The HBAR ETF listing would come at a time when institutional investors are diversifying to the industry. Spot Bitcoin (BTC) and Ethereum (ETH) ETFs have had over $64 billion and $14 billion in inflows since their inception.
Similarly, the recently launched spot Ripple (XRP) ETF has already crossed the $100 million in assets. Other popular ETFs are the staking Solana fund, which has $404 million in assets.
HBAR price has also jumped as the stablecoin supply in the network has almost doubled in the past seven days to over $170 million.
Hedera price prediction
The daily timeframe chart shows that the HBAR price has rebounded in the past few weeks. It has jumped from a low of $0.10 on Oct. 11 to $0.1830 today, coinciding with the ongoing crypto market rebound.
However, the recovery faces some major headwinds. One of them is that the recovery is not all that strong, with the True Strength Index being below zero.
Hedera has also formed a death cross pattern as the 50-day and 200-day Exponential Moving Averages crossed each other. It has also formed a bearish pennant pattern.
These patterns mean that the token may have a bearish breakout, potentially to the support at $0.15. A move above the resistance at $0.20 will invalidate the bearish outlook.
