HBAR eyes $0.30 as ETF update sparks bullish momentum

Key Takeaways

HBAR’ price action hinted that a potential 25% rally could be possible if it closes a daily candle above the $0.235 level. Experts revealed that the odds of spot HBAR ETF approval have soared to 90%.

The bullish sentiment around Hedera [HBAR] is heating up following the confirmation of Grayscale and Canary Capital’s spot HBAR ETF filing.

This ETF update has boosted HBAR and opened the path for another rally.

Recently, a crypto expert shared a post on X (formerly Twitter) revealing that the United States Securities and Exchange Commission’s (SEC) decision on the spot HBAR ETF is now set for the 11th of November.

The expert also noted that the odds of approval have climbed to nearly 90%.

Current price momentum

The impact of this ETF update has already begun to reflect on HBAR’s price, as it recorded an impressive recovery over the past 24 hours. CoinMarketCap data showed that the asset rebounded sharply to $0.235, after gaining 2.3% at press time.

According to AMBCrypto’s technical analysis, HBAR appears bullish as it is breaching a descending triangle pattern.

On the four-hour chart, the asset has crossed the upper trendline but is yet to be confirmed, as the price is facing local resistance at the $0.235 level.

Source: Trading View

Based on the current price action, if HBAR successfully breaches this pattern by closing a daily candle above the $0.235 level, there is a strong possibility that it could see a price jump of over 25%, potentially reaching the $0.30 resistance level.

Meanwhile, on the four-hour chart, the technical indicator Supertrend has turned green and is hovering below the asset’s price, indicating a potential shift toward bullish momentum and signaling that buyers are gaining control.

Conversely, the Average Directional Index (ADX) value also crossed 25 and stood at 27, at press time, which shows a strengthening trend and increasing market momentum.

Expert bold prediction and traders’ bullish view

Amid the current bullish market sentiment, experts are making bold predictions about HBAR’s potential climb to $2. 

Traders appear to be aligning with this outlook, as CoinGlass data shows the Binance HBAR/USDT Long/Short ratio has reached 1.62, signaling strong optimism.

Further breakdown of the metric reveals that 61.81% of traders are holding long positions, while 38.19% are betting on shorts, reinforcing the prevailing bullish bias.

Source: CoinGlass