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Hedera (HBAR) Soars Over 25% After Trading Volume Peaks
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The Hedera cryptocurrency (HBAR) registered an increase of more than 25% this Monday, after a 64% increase last week. The upward movement was driven by Canary Capital, which submitted an S-1 registration application to the United States Securities and Exchange Commission (SEC) for an index fund (ETF) focused on the HBAR cryptocurrency.
This initiative aroused the interest of investors and led to the daily trading volume reaching 1.4 billion, the highest since April.
Canary Capital proposed an HBAR ETF for SEC approval on November 12th. This is the first time that an ETF focused on HBAR has been submitted by an asset manager. This initiative can facilitate traditional investors’ access to the asset. After all, it allows exposure to the price of cryptocurrency without the need for direct storage.
The proposed ETF could bring additional legitimacy to Hedera, increasing liquidity and attracting new participants to the market. Since the announcement, Hedera’s daily trading volume has jumped from 655.61 million to 1.44 billion. This indicates a significant growth in interest from traders. Furthermore, it reflects a positive change in the cryptocurrency market.
Hedera on the rise
The significant increase in trading volume came along with an increase in Hedera’s price. The token surpassed the weekly resistance of $0.090 and reached $0.111. This increase comes after a history of volatility, which included significant gains in April due to rumors involving BlackRock. However, following the denial of these rumors, HBAR price suffered sharp losses.
This time, the optimism surrounding Canary Capital’s ETF seems more solid. Technical analysis suggests that if HBAR closes above $0.090, new highs could be tested, such as the 61.8% Fibonacci retracement level near $0.128 and the yearly peak at $0.181.
Hedera’s Relative Strength Index (RSI) is at 68, demonstrating that the market remains optimistic without entering overbought conditions. This configuration indicates room for new appreciation in the short term, especially with the increase in liquidity and the expectation of ETF approval.
Hedera (HBAR) Soars Over 25% After Trading Volume Peaks
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Hedera (HBAR) Soars Over 25% After Trading Volume Peaks
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Hedera (HBAR) Soars Over 25% After Trading Volume Peaks
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Hedera (HBAR) Soars Over 25% After Trading Volume Peaks
