Predictions for HBAR suggest a potential significant surge based on technical indicators and recent ETF developments.
Technical Outlook for HBAR
At the time of writing, HBAR is trading around $0.2445, having established solid support near $0.21. The token has risen by 1.82% over the past 24 hours, suggesting it has exited a prolonged correction phase. Analysts note that HBAR is exhibiting a pattern resembling the parabolic rise witnessed in 2021. Elliott Wave analysis and Fibonacci levels point to the potential for a fifth wave extending to approximately $3.30.
Impact of ETF News
According to CoinMarketCap data, HBAR has gained nearly 14% over the past week, reflecting the positive impact of the ETF news on investors. Attention toward alternative projects has brought Hedera’s potential back into the spotlight after steps taken by BlackRock concerning ETF listings. These significant news flows and technical indicators create an environment conducive to sustained price increases.
Market Prospects for HBAR
The registration of HBAR ETF with the DTCC marks a crucial preparatory step before SEC approval. Although official trading has not yet commenced, this development signals increased institutional investor interest. Technical and on-chain indicators suggest that HBAR could be entering a growth phase.
In conclusion, HBAR is on the brink of significant changes in the cryptocurrency market, potentially leading to considerable growth, especially in light of recent ETF news.
