HBAR is showing signs of gearing up for a breakout from a bullish pattern, driven by news that Grayscale has registered a Hedera Trust ETF.
After breaking out from a double bottom with a neckline at $0.23, HBAR climbed to $0.30 but failed to breach that resistance on two attempts. The subsequent pullback retraced toward the breakout zone but held firm above the $0.23 support.
Since then, HBAR has formed a bullish pennant — a continuation pattern that often signals another leg higher in a strong uptrend. The contracting price range reflects short-term indecision, while the broader trend remains bullish, supported by a bullish crossover between the EMA 20 and SMA 50. Volume has decreased significantly since the last pullback, which aligns with a potential pennant breakout.
Today, HBAR’s daily candle is testing the upper boundary of the pennant, with volume rising roughly 30% over the past 24 hours, coinciding with the converging lines approaching their apex. This suggests a breakout may be imminent. If HBAR clears the pennant, the measured move projects a target near $0.37, based on the height of the preceding flagpole.
There remains a chance that HBAR could pull back and continue consolidating within the pennant. However, as long as the lower trendline holds, the bullish outlook stays intact.
What’s fueling HBAR’s price movement?
Beyond the strong technical setup, HBAR’s price momentum is also being bolstered by a key fundamental development. On August 12, Grayscale registered the Hedera Trust ETF in Delaware, alongside a Cardano (ADA) ETF. These filings are noteworthy because they often precede official S-1 submissions to the SEC, hinting at the potential launch of a regulated investment vehicle for HBAR.
There is also speculation that BlackRock will file for a Hedera ETF by Monday.
