thecoinrepublic.com
Hedera Hashgraph (HBAR) price may be on the precipice of a significant turning point as the investment platform Canary Capital filled to the U.S. Securities and Exchange Commission an application for the primary spot exchange-traded fund (ETF) on November 12.
This filing might be a significant development for Hedera’s ecosystem, placing HBAR before widespread adoption and institutional investors.
If the ETF is approved, it can bring massive liquidity into HBAR, create awareness, and offer a bridge between traditional financial markets and cryptocurrency.
Analyst Predicts Bullish Run for HBAR Price with ETF Approval
Crypto analyst Birdman stated that HBAR may rally and potentially increase its value greatly soon if the ETF is approved.
🚀 Quick #HBAR Take 🚀
— Birdman (@CryptoZenStudio) November 14, 2024
Recent bullish price action for $HBAR, plus game-changing catalysts that could send #HBAR to new All-Time Highs this bull run! 🌕#HBAR ETF filed with the SEC, potentially unlocking trillions in liquidity.
Bullish 9.3/10 rating from @CryptoReviewing pic.twitter.com/5HAzIP8IVF
Another market analyst gripecoin, believes that SEC approval is around the corner which opens up institutional use taking billions of potential capital to Hedera.
He also says this increased investment might lead to a “meme coin boom” on the Hedera network that takes HBAR to new highs in the next bull cycle. Currently setting its target price at $14, gripecoin believes HBAR has more potential, saying that but the sky’s the limit.”
HBAR Price Analysis: Technical Indicators and Market Outlook
HBAR has recently shown a bullish trend in the last trading session and it is trading at $0.06039 with a high of $0.06194.
The Relative Strength Index (RSI) is currently at 63.89 suggesting that bulls are in control of the market. We can also see that the RSI is approaching the overbought territory, which is the 70 mark.
If the price manages to cross the immediate resistance of $0.06249, HBAR is likely to experience another rally.
Canary Capital’s Strategy for Expanding Crypto Investment Access
This filing comes immediately after Canary Capital launched an HBAR Trust meant for accredited investors in October 2024.
By filing for the HBAR ETF, Canary Capital is advancing its strategy to broaden access to cryptocurrency investment products, focusing on both institutional and retail investors.
However, Canary has filled other spot ETFs in different altcoins like XRP, Solana, Litecoin, and others. The firm has a leading portfolio in the cryptocurrency market.
What’s Next for HBAR and SEC?
The SEC has not given any specifics concerning its decision on HBAR ETF approval. Despite that, many are confident about the potential and market changes that HBAR ETF approval could bring to Hedera and crypto.
If Bitcoin reaches the $100,000 milestone as some analysts predict, HBAR may benefit from a bull market effect, attracting more capital and attention from both retail and institutional investors.
For now, market participants are watching closely for updates from the SEC, and HBAR holders are optimistic about the token’s future.
Approval of Canary Capital’s application could establish HBAR as a leading enterprise blockchain, attracting significant institutional investor interest.