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- Grayscale has registered a Hedera Trust ETF in Delaware, often a precursor to SEC filings, while speculation grows that BlackRock could follow with its own ETF application.
- HBAR price is forming a bullish EMA 20 and SMA 50 crossover and rising volume, indicating the potential for a breakout toward $0.37.
HBAR, the native cryptocurrency of Hedera Hashgraph, has been on investors’ radar as asset manager Grayscale Investments filed for Hedera Trust ETF. After a strong rally back in July, HBAR price is showing signs of cooling down once again, and is currently finding support at $0.2583.
Bullish Pennant Forms as HBAR holds Key Support
After breaking out of a double bottom with a neckline at $0.23, Hedera price reached $0.30 but failed to clear resistance after two attempts. This has led to a pullback towards the breakout zone. Despite this, the price has held above the $0.23 support level.
As of now, HBAR is consolidating within a bullish pennant, which hints at another upward move in strong trends. This consolidation coincides with a bullish EMA 20 and SMA 50 crossover, reinforcing the positive outlook. Trading volume has declined during this phase, which is typical before a breakout.
Today’s daily candle is testing the pennant’s upper boundary, with volume rising about 30% in the last 24 hours as the pattern nears its apex. A breakout above this zone could trigger a move toward $0.37, based on the pennant’s measured target. While a brief pullback inside the pattern remains possible, the bullish scenario holds as long as the lower trendline support stays intact, as mentioned in our previous report.
Grayscale Files Hedera Trust ETF
Recent fundamental developments are reinforcing Hedera’s bullish technical outlook. On August 12, Grayscale registered the Hedera Trust ETF in Delaware, along with a similar trust for Cardano (ADA). Such registrations typically precede official S-1 filings with the U.S. Securities and Exchange Commission (SEC), signaling the potential launch of a regulated investment vehicle for HBAR. Additionally, market speculation suggests that BlackRock may file for a Hedera ETF as early as Monday.
Apart from Graysclae, Canary Capital has also filed for an HBAR ETF, which is currently under SEC review, as reported by CNF. Additionally, Hedera is also making strides in the stablecoin market. One of Australia’s recent milestones featured Hedera at its core. The Aussie stablecoin AUDD went live on the HBAR-powered network earlier this year.
“AUDD can now be held, sent, and received by anyone using a Hedera-enabled digital wallet, providing seamless, real-time access to Australian dollar stablecoin payments,” AUDC, the issuer of AUDD, stated on June 19.
Highlighting “Hedera’s enterprise-grade performance,” AUDC emphasized that transactions would settle in seconds at a cost of just one-tenth of a cent.
