Hedera (HBAR) Targets $0.30 Amid ETF Decision and Elliott Wave Signals
HBAR's Potential Upside Amid ETF Developments
- Hedera (HBAR) has shown positive technical patterns, including a double bottom and a descending wedge, suggesting a potential upward move.
- The price rebounded from a September low near $0.205, forming a constructive Elliott Wave pattern.
- A decision on an HBAR spot ETF is anticipated in November, with a key resistance level at $0.23–$0.24.
ETF Season Highlights HBAR
- SEC decisions on numerous crypto ETF applications are expected in October–November, potentially benefiting HBAR if approved.
- Hedera's enterprise reputation and involvement in real-world finance initiatives support its relevance for institutional investors.
Technical Indicators Point to Potential Breakout
- HBAR has completed a double bottom around $0.205, with a neckline at $0.255 on the daily chart.
- A falling wedge pattern suggests upcoming breakouts, aligning with Elliott Wave analysis indicating a shift to Wave 3.
- Chaikin Money Flow shows rising net inflows; breaking above $0.242–$0.248 could trigger short liquidations worth approximately $32 million.
Key Levels to Watch
- $0.22 is support, while $0.30 serves as resistance; breaking these could confirm the pattern and support further gains.
- An inverse head-and-shoulders pattern points to targets of $0.3065, and possibly $0.35–$0.40 if momentum continues.
- A drop below $0.205 would weaken bullish momentum, potentially leading to a decrease toward $0.198.