Hedera Hashgraph price held relatively steady this week, outperforming most altcoins as the chatter about ETF rose. The HBAR token was trading at $0.30, which has been stuck for the past few days. It has risen by over 640% from its lowest point this year.
Hedera Hashgraph ETF hopes
The HBAR token has done better than most coins after Eric Balchunas, the head of ETF strategy at Bloomberg, hinted that a Hedera ETF could be approved fast. He argued that the ETF would be approved because the Securities and Exchange Commission (SEC) has not labeled it as security the way it did with Solana.
An HBAR ETF will likely be a big deal, making the coin more popular among retail and institutional investors. It will also boost the coin’s liquidity and simplify how investors access the cryptocurrency.
Most importantly, it will generate hype ahead of the potential approval. A good example is how the XRP price recently surged ahead of the Ripple USD (RLUSD) launch.
Hedera Hashgraph’s price also held steady after EQTY Lab, Intel, and NVIDIA launched Verifiable Compute. This new solution addresses a key need in the artificial intelligence industry for trust and verification. It will set the standard for AI by introducing a hardware-based SLSA Security Level 3 system for creating cryptographic certificates.
This system will leverage Hedera Consensus Service to create an immutable ledger of AI computations. This is a big deal since NVIDIA has become the third-biggest company in the world because of the ongoing demand for AI. Jonathan Dotan, the founder of EQTY Lab, said:
“Hedera’s enterprise-grade infrastructure, backed by a Council of global leaders like Dell Technologies, sets it apart from other blockchains by providing the scalability and security essential for bringing Verifiable Compute to market.”
Meanwhile, Hedera’s ecosystem is also doing well, as its total value locked (TVL) in its DeFi ecosystem is rising to over $185 million.
Read more: Hedera Hashgraph Price Deja Vu? Pro See HBAR Soaring to $5
HBAR price forecast
The daily chart shows that the Hedera Hashgraph price has remained in a consolidation phase in the past few days. It has continued to do better than other popular coins like Bitcoin and Ethereum.
The HBAR token has remained above the 50-day moving average and the crucial resistance point at $0.1825, its highest swing in April. Most importantly, the Hedera Hashgraph price has formed a bullish pennant pattern, a popular positive sign.
Therefore, the coin will likely have a strong bullish breakout in the next few days. If this happens, the next point to watch will be at $0.3933, the highest point this year, which is about 35% above the current level. On the flip side, a drop below the support at $0.26 will invalidate the bullish view.
