Hedera’s native token, HBAR, is showing appreciable performance, supported by bullish sentiment and strong market growth. HBAR is currently moving inside a bullish pennant pattern, which shows a potential toward a $1 rally.
At the time of writing, HBAR is trading at $0.2188 with a 24-hour trading volume of $140.4 million and a market capitalization of $9.27 billion. The HBAR price over the last 24 hours is up by 1.84%, but over the last week, it is slightly down by 1.9%.
Source: CoinMarketCap
Also Read: Hedera (HBAR) Price Holds $0.21 Support, Eyes Breakout Toward $0.4008
Moreover, the crypto analyst, Gilmore Estates, highlighted that the U.S. Securities and Exchange Commission (SEC) will render its final decision in November on two proposed Hedera (HBAR) exchange-traded funds (ETFs) by Canary Digital and Grayscale Investments.
When approved, the funds will offer regulated HBAR exposure to investors by not owning or purchasing the token directly and could offer the first-ever instance for Hedera and be evidence the SEC continues to become increasingly comfortable with altcoin-derived products after approval for spot Bitcoin ETFs.
An approval would bring new liquidity and institutional exposure to HBAR and provide a precedent for other altcoin ETFs. But the SEC’s cautious track record on crypto ETFs means the decision may just as easily reinforce its restrictive stance. The world waits on Washington as the deadline nears.
According to the crypto analyst MoonBitz, Hedera (HBAR) is becoming one of the most watched altcoins in the markets as the technical and fundamental forces begin to fall into alignment with it.
HBAR on the weekly chart drew a perfect bullish pennant, a consolidation pattern that typically precedes strong upward breaks. Traders perceive this as a signal that momentum is continually building for the breakout.
Analysts grow more bullish, and numerous targets forecast as much as 123% possible gains at the present moment. The very first notable price target sits at $0.504, and if the momentum continues to remain bullish, HBAR can approach the $1 marker, a level not seen since the last market peak.
Source: X
Beyond the technicals, the bigger market narratives are turning favorable. The odds of approval for spot crypto ETFs have now reached the 90% threshold among industry observers. The institutional inflows resulting from the clearance by the regulators will be favorable not just for Bitcoin and Ethereum but also other alternate layer-1 protocols like Hedera.
Also Read: Hedera (HBAR) TransAct Launch Fuels Bullish Momentum Toward $0.30
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