The price of the cryptocurrency HBAR shows signs of readiness for a breakout above the resistance level, thanks to recent news of ETF registration.
Current HBAR Trends
After breaking out from a double bottom at 0.23, HBAR price reached 0.30 but failed to break this level on two occasions. However, the price remains above the 0.23 support level, creating potential for further growth. Currently, HBAR is compressed into a bullish flag, indicating a possible breakout.
Supporting Fundamental Factors
Recent events also support HBAR's price momentum. On August 12, Grayscale registered the Hedera Trust ETF in Delaware. These registrations are significant as they often precede official S-1 filings with the SEC, indicating a potential launch of a regulated investment vehicle for HBAR.
Outlook and Risks
There is a possibility that HBAR price may pull back within the flag and continue to consolidate before a final breakout. As long as the lower trendline support holds, the bullish scenario remains valid. However, potential pullbacks need to be considered, which could impact short-term price forecasts.
The current situation with HBAR showcases positive prospects, yet it is essential to monitor price movements and potential pullbacks on the way to the anticipated breakout.
