Hedera (HBAR) Price Surges 35% Following Spot ETF Filing
HBAR, the native cryptocurrency of the Hedera Hashgraph blockchain, has gained 35% in the last 24 hours, trading at $0.1125 with a market cap of $4.25 billion, placing it among the top 30 cryptocurrencies. Weekly gains have reached 100%, adding over $2 billion in just one week, partly due to Canary Capital's recent filing for a spot HBAR ETF.
Market expectations of an improved regulatory environment under the Donald Trump administration are contributing to increased investor interest in HBAR, anticipating greater liquidity. The price rally coincided with a 115% surge in daily trading volumes, exceeding $1.51 billion, with over $1 billion worth of HBAR purchased in one day.
Hedera’s (HBAR) price is currently testing key resistance levels necessary for further upward momentum. Critical resistance points include $0.1331 and $0.1372, with significant resistance not appearing until $0.1562. Breaching these levels could lead to a substantial price increase.
Crypto analyst Captain Faibik noted that HBAR is breaking out of a symmetrical triangle pattern on the weekly chart, indicating strong bullish potential, with a long-term price target set at $1.
$HBAR is breaking out of Symmetrical Triangle on the Weekly timeframe Chart..!!
Long term Target : 1.00$#Crypto #HBAR #HBARUSDT pic.twitter.com/bTeJI0KgA8
— Captain Faibik 🐺 (@CryptoFaibik) November 18, 2024
Potential SEC Chair from Hedera
Brian Brooks, a board member of Hedera Hashgraph, is considered a candidate for the chair of the US Securities and Exchange Commission (SEC). His appointment would significantly impact both the HBAR community and the broader crypto sector, given his extensive understanding of the industry.
Brooks previously served as CEO of Binance US and was nominated twice by President Donald Trump for Comptroller of the Currency during both the 116th and 117th Congress. As Trump continues to shape his cabinet, Brooks is viewed as a leading contender for the SEC chairmanship, potentially strengthening the regulatory landscape for digital assets.