HBAR Breaks Consolidation Amid ETF Prospects and Investor Interest
HBAR demonstrated resilience between Oct. 7 and Oct. 8, increasing by approximately 2% from its session lows near $0.22, maintaining this level.
- Traded within a narrow range, consistently testing support and resistance at $0.22.
- Despite a drop in trading volume from 138.43 million to 19.74 million tokens, HBAR showed stable consolidation, suggesting reduced short-term involvement but steady accumulation.
- In the last trading hour, HBAR broke out of its compressed formation, moving past resistance levels and reaching new session highs above $0.22.
- The breakout coincided with growing market optimism about Hedera’s ecosystem and institutional interest as Canary Capital progresses with its spot HBAR ETF filing (ticker “HBR”) despite delays due to the U.S. government shutdown affecting SEC operations.
Technical Indicators
- Trading activity remained within a $0.01 bandwidth, fluctuating between $0.22 and $0.22.
- Support around $0.22 and resistance near $0.22 were repeatedly tested.
- Volume contraction from 138.43 million to 19.74 million tokens indicated reduced momentum initially.
- Increased volume over 4.3 million tokens during the 14:02 interval pointed to institutional involvement.
- A decisive reversal from the session low at 13:45 confirmed the end of consolidation dynamics.