Hedera (HBAR) Price Indicates Potential Bullish Reversal Amid ETF Filing
Hedera #HBAR, a layer-one blockchain focused on decentralized applications, is showing signs of a potential bullish breakout. As large-cap altcoins like Ethereum #ETH, Dogecoin #DOGE, and Solana #SOL benefit from cryptocurrency cash rotation, HBAR price appears ready for a market reversal.
Recent market data indicates that HBAR has a fully diluted valuation of approximately $2.86 billion. The token experienced a 200 percent increase in daily average traded volume, reaching around $651 million. In the last two weeks, HBAR's price rose over 17 percent to about $0.05719 as of November 13.
Technically, HBAR is nearing a market reversal after being in a downward trend since April. On the weekly timeframe, HBAR has been forming a potential double bottom pattern with a rising divergence on the Relative Strength Index (RSI). The current target is around 14 cents, aligning with the weekly 200 Moving Average (MA).
#Hedera | #Altcoins ✴️ Hedera: Early Or Late? 2,000 – 3,000% Growth Potential
With a growth potential exceeding 2,000%, it is never too late to consider investment opportunities.
— Alan Santana (@lamatrades1111) November 12, 2024
Top Reasons to Consider Hedera (HBAR)
The Hedera network gained attention after Canary Capital filed with the US Securities and Exchange Commission (SEC) to list a spot HBAR ETF. This filing allows investors to engage with the Hedera network through its shares.
The potential approval of the Canary HBAR ETF by the SEC, under the new administration, suggests forthcoming crypto regulations. Canary Capital has also filed for similar products involving Solana #SOL and Ripple Labs-backed XRP #XRP.
Institutional interest in the Hedera network remains strong, particularly for tokenizing real-world assets. The network supports high throughput with an average transaction cost of $0.0001.
Currently, the Hedera mainnet boasts over 6.9 million accounts. Its governing council includes notable Web3 and Web2 companies such as Boeing, Chainlink Labs, Dell Technologies, BitGo, LG, Standard Bank, and TATA Communications.
Furthermore, the Hedera governing council collaborates with the Nairobi Securities Exchange to tokenize real-world assets, including stock markets. With ongoing institutional adoption, HBAR price is positioned for substantial upward movement similar to the rally seen in 2021.