Canary Capital Files for Spot HBAR ETF Amid Market Volatility
HBAR experienced high volatility from September 23 to 24, with a minor gain of 0.90%. The token fluctuated between $0.217 and $0.225, hitting a low of $0.217 at 04:00 on September 24 before rebounding. This level now acts as support, whereas $0.225 is identified as resistance.
- Institutional investors likely participated during the selloff, evident from trading volumes peaking at 97.05 million compared to the 37.89 million average.
- Subsequent selling pressure saw HBAR decline from $0.224 to $0.223, with final hour volume nearly tripling.
A significant development is Canary Capital's filing for a spot HBAR ETF with a 1.95% expense ratio, reflecting institutional interest in Hedera’s technology. Analysts predict potential price growth to $0.50 by 2025–2026 and $1.60 or more by 2030.
Short-term performance depends on whether support holds at $0.217–$0.218 and if institutional demand can counteract selling pressure around $0.225.
Technical Indicators Highlight Support Levels
- Support zone established at $0.217-$0.218 during session lows
- Resistance ceiling forms near $0.225 throughout trading period
- Volume surge to 97.05 million at 04:00 indicates institutional buying
- $0.007 trading range represents 3.22% volatility over 23 hours
- Final hour volume triples to 1.79 million, indicating distribution pressure