The Hedera coin, HBAR, has continued its upward trend from the previous week’s 39% increase, rising by more than 16% in the last 24 hours and moving into the top 40 coins by market capitalization. This has led to predictions that the Hedera token may reach a peak of $0.18 soon.
The HBAR token is the native coin of the Hedera decentralized blockchain network, which targets enterprises and enables individuals and businesses to develop various decentralized applications (DApps).
Although the HBAR token has experienced relative stability and has been trading sideways for several months, it has recently attracted attention due to new developments, particularly Canary Capital Group’s potential launch of an HBAR ETF.
Read more: Hedera Remains Top Dog in Crypto Development: Santiment
Canary Capital Group files for HBAR ETF
On November 12, Canary Capital Group filed an S-1 registration statement with the U.S. Securities and Exchange Commission for an ETF linked to HBAR.
🚨NEW: @CanaryFunds has filed an S1 with the @SECGov to launch an $HBAR ETF.
This comes following Canary’s launch of its $HBAR Trust in October. pic.twitter.com/9NyvUpWXil
— Eleanor Terrett (@EleanorTerrett) November 12, 2024
This exchange-traded fund is intended to replicate the assets native to the Hedera network. According to the filing, the company aims to provide exposure to the value of the Hedera network’s native asset.
Moreover, there is speculation that President Trump and the Department of Government Efficiency (DOGE) are investigating a federal voting and identity verification system utilizing blockchain technology. According to the rumor, this initiative will involve partnerships with X, Cardano, Hyperledger, and Hedera.
Hedera price prediction: HBAR eyes $0.18
The crypto community has shown optimism regarding Hedera coin (HBAR), as reflected in the various positive posts from analysts on X.
One user, Shawn, a member of the World Economic Forum, shared his optimistic forecast, expressing his belief that the price will rise above 13 cents and stabilize at 11 cents for several days.
The last technical resistance for HBAR is 7.8 cents. Afterwards, I expect a sharp spike above 13 cents and the price to then settle at 11 cents for a few days.
Once that happens, we will attempt to break 13.36 cents and the final resistance at 18 cents before we attempt to break…
— Shawn (@oroogle) November 15, 2024
“Once that happens, we will attempt to break 13.36 cents and the final resistance at 18 cents before we attempt to break the all-time high,” he said.
Additionally, the weekly chart reveals that $HBAR is breaking out from a significant trendline and is gaining considerable upward momentum. This breakout signifies the conclusion of a pullback phase that started in early 2024 after reaching a peak of over $0.15.
Currently priced at $0.072, HBAR has established its second consecutive bullish weekly candle. However, most of the Moving Averages signal “Buy,” with both Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) across various 50 and 100 periods, indicating bullish momentum.
