Key Takeaways
- HBAR recorded a 16% surge in the past 24 hours, outperforming other top cryptocurrencies.
- The price increase is linked to the upcoming listing of the Hedera ETF on the New York Stock Exchange.
- Technical indicators suggest a potential upward trend for HBAR, with immediate price targets identified.
- A market correction could lead to a price retracement, but key support levels are expected to hold.
HBAR Leads Top Cryptocurrencies in Daily Gains
HBAR, the native digital asset of the Hedera blockchain , has emerged as the top performer among the top 20 cryptocurrencies by market capitalization. Over the last 24 hours, HBAR experienced a significant 16% increase in its value, successfully surpassing the $0.20 threshold.
Hedera ETF Listing Catalyzes HBAR Rally
This uptrend in HBAR’s price precedes the anticipated commencement of trading for the Canary HBAR ETF on the New York Stock Exchange (NYSE) today. Eric Balchunas, a senior ETF analyst at Bloomberg, noted that several altcoin-focused cryptocurrency ETFs, including the HBAR Fund by Canary, are slated to begin trading.
These new exchange-traded funds are designed to provide institutional investors with enhanced access to the cryptocurrency market. Since the beginning of the year, many institutions have primarily focused on Bitcoin and Ethereum-based funds.
The timing of this listing is particularly noteworthy, occurring amidst an ongoing U.S. government shutdown. During such periods, the Securities and Exchange Commission (SEC) typically operates with a reduced staff, focusing only on essential functions.
The introduction of these new instruments is expected to further boost HBAR’s price momentum in the short term.
Analyzing HBAR’s Price Trajectory
The 4-hour chart for HBAR/USD currently displays a bullish and efficient pattern, largely attributed to the ongoing rally. Technical indicators are signaling a continuation of the upward movement. Specifically, the Moving Average Convergence Divergence (MACD) lines are positioned in positive territory, indicating a strong bullish sentiment.
Additionally, the Relative Strength Index (RSI) is at 80, suggesting that HBAR is approaching the overbought region. If the current bullish trend persists, HBAR could potentially reach the next resistance level at approximately $0.23400 in the coming hours. A sustained rally might even see the coin test the $0.26 mark, a level not seen since August 22nd.
Conversely, if the market experiences a correction following this recent surge, HBAR might retrace to the $0.18 level to fill the Fair Value Gap (FVG) left by the substantial upward price movement. The $0.16 low is anticipated to serve as a key support level for the near to medium term, potentially paving the way for future upward advancements.
Expert Summary
The HBAR cryptocurrency is currently experiencing a significant price surge, driven by the upcoming listing of the Hedera ETF on the NYSE. Technical analysis indicates a strong likelihood of further price appreciation, although potential market corrections remain a factor. Key support levels are in place to sustain any downturns.