Hedera ETF Debuts on NYSE; HBAR Drops 6% Amid Volatility
Hedera's introduction on the New York Stock Exchange via the Canary Capital Hedera ETF (Ticker: HBR) is a significant step, placing it alongside Bitcoin and Ethereum as one of the few cryptocurrencies with a regulated U.S. spot ETF.
- HBAR initially rose by over 25% to $0.2191, with trading volume surging 328% to $1.12 billion.
- Within 24 hours, HBAR declined nearly 6%, falling below $0.20.
- The drop is attributed to profit-taking and market caution amidst mixed technical signals.
Technical Analysis Insights
- HBAR broke above resistance at $0.206 but struggled to maintain momentum.
- Support is eyed at $0.194–$0.200; resistance is between $0.210–$0.219.
- A potential "death cross" might indicate further weakness.
- MACD and Aroon indicators suggest potential upward movement, with projections of a 50-60% upside if buying pressure resumes.
Institutional Interest and Market Outlook
- Institutional confidence in Hedera grows, evidenced by the NYSE's ETF launch.
- The HBR ETF’s first-day volume reached $8 million, signaling interest beyond Bitcoin and Ethereum.
- Pending ETF filings from Grayscale, ProShares, and T. Rowe Price highlight broader interest.
- Short-term volatility remains, but the ETF listing could boost long-term institutional access.