HBAR Poised for Bullish Breakout as Grayscale registers Hedera Trust ETF
HBAR’s price is gaining traction,hinting at a possible breakout from a bullish pattern,with the $0.40 mark in sight.
The recent Grayscale registration for a Hedera Trust ETF in Delaware, announced on August 12, is fueling optimism. This development suggests institutional interest in HBAR, perhaps leading to increased demand.
Technical analysis reveals a promising chart formation. After struggling around the $0.30 level twice, HBAR found support above $0.23 following a pullback. Now, the price is forming a bullish pennant, a pattern that frequently enough leads to further gains in strong trends.
A key factor aiding the bulls is the bull crossing between the 20 EMA adn 50 SMA lines, reinforcing the positive sentiment. Recent volume contractions during price pullbacks support the pennant breakout scenario.
Today’s price action is testing the upper limit of the pennant, with volume rising by about 30% in the last 24 hours. This setup hints at an imminent breakout. A triumphant breach could take HBAR to around $0.37.
- HBAR’s bullish pennant indicates a probable upward move.
- grayscale’s ETF registration adds support to the bullish case.
- Volume increases align with expectations of a breakout.
Speculation continues to swirl around BlackRock potentially filing for a Hedera ETF by early next week, which could further drive prices.
Follow updates on this developing story closely!
