Key takeaways
- Hedera’s HBAR is up 1% and trading above $0.22.
- The coin could rally higher as Grayscale files to launch a spot HBAR ETF with the SEC.
Grayscale files for an HBAR ETF
The crypto market has been bullish over the past few days, with Bitcoin hitting the $113k level, while Hyperliquid’s HYPE reaching a new all-time high. Hedera’s HBAR is not left behind as it is up by more than 3% over the last seven days.
HBAR could rally higher amid growing ETF speculation. Digital assets manager Grayscale has submitted S-3 filings for exchange-traded funds tied to Bitcoin Cash and Hedera (HBAR). If approved, the funds would join Grayscale’s existing crypto ETFs that already include spot bitcoin and ether ETFs launched last year.
Hedera has emerged as one of the leading blockchains in the crypto space, with the last few months establishing it as a key destination for RWA projects. Its HBAR coin is the 18th-largest cryptocurrency, with a market cap of nearly $10 billion. The approval of an HBAR spot ETF could see the coin record huge gains that could allow it to set a new all-time high for the first time in four years.
HBAR targets $0.27 amid strong technicals
The HBAR/USD 4-hour chart is bullish and efficient thanks to the ongoing market rally. The technical indicators are strong, suggesting that HBAR could be getting ready for a breakout.
The RSI of 63 shows that HBAR is bullish, with the MACD lines already converged within the positive territory. If the bullish trend continues, HBAR could hit the first major resistance level at $0.245 before attempting to take out the August high of $0.27.
However, failure to build on this momentum could see HBAR drop to the $0.22 low before retesting the weekend support level of $0.21046. Despite that, the market trend remains bullish, and HBAR could go on to hit new heights over the next few days and weeks.
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