Amidst the weekend’s market turmoil, HBAR price consolidates quietly: ETF approval to light Hedera up?
The popular Distributed Ledger Technology (DLT) altcoin Hedera (HBAR) slumped 18% in 7 days, reacting to the broader crypto market sentiment. The Hedera-based exchange-traded fund (ETF) hype back pushed Hedera’s native coin above $0.30 twice in June, but the ETF indecision and vagueness surrounding Donald Trump’s global tariff had taken its toll on HBAR.
Can Hedera ETF News Drive HBAR To $1.10?
Despite the plunge back to $0.23 today, these 7-day lows can serve as a key support level with HBAR’s price still being up 46.2% in monthly terms. This decent summer uptick happened after the Australian government started testing their own CBDC on HBAR Network in partnership with Project Acacia, along with other tech-savvy countries, such as the United Arab Emirates (UAE).
Per CryptoWinkle’s analysis, the breakout from HBAR’s bullish symmetrical triangle can ultimately take Hedera (HBAR) to $1.10 but for that the $0.155 key support level has to hold during the ongoing consolidation phase. If HBAR doesn’t slip below the $0.155 level, the upward route would depend on the resistance barrier at $0.517, as portrayed in the chart above.
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Presently, the HBARians are awaiting the United States Securities and Exchange Commission’s (SEC) decision on two HBAR ETF applications. Canary Capital’s Hedera Spot ETF pitch has been registered by NASDAQ and submitted to the SEC last month, now awaiting the public’s opinion, according to SEC’s court documents. Notably, this allows 21 days before a decision.
Dancing around $0.23, Hedera (HBAR) is still in negative territory in terms of crypto whale support. In spite of the negative Chaikin Money Flow (CMF), the altcoin’s Stochastic Relative Strength Index (StochRSI), a smoothed version of the Relative Strength Index (RSI), pointed to extremely oversold levels, signaling an undervalued HBAR price at the time of this writing.
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