HBAR ETF Approval Process Triggers Renewed Interest Among Traders, Sees First Breakout Target at $0.504: Analysis

Hedera HBAR/USD has seen a 35% decline this past month, but the approval process for a spot HBAR ETF has triggered renewed interest among traders.

Crypto traders are keeping a close watch on Hedera (CRYPTO: HBAR) following the approval process for a spot HBAR exchange-traded fund (ETF).

After a 35% decline in Hedera (CRYPTO: HBAR) over the past month, traders are showing renewed interest in the cryptocurrency following the approval process for a spot HBAR ETF.

According to crypto trader Javon Marks, HBAR’s first breakout target is at $0.504, which would indicate a 128% move from current levels. If this level breaks, HBAR could continue its momentum toward the $1 price point.

“$HBAR (Hedera) remains with its first breakout target at the approximate $0.504 level, meaning that an over 128% run to reach it could still be in the works! A break above and prices could push levels just under $1.”

Crypto trader Mihir, also known as RhythmicAnalyst, highlighted an Inverse Head & Shoulders (H&S) bullish pattern, which could signal a potential reversal for HBAR.

Community members, such as Canary Capital, have submitted a 19b-4 filing with the U.S. Securities and Exchange Commission, with the Nasdaq Stock Market applying on their behalf. This filing follows last year’s S-1 registration, and if acknowledged, it will begin a 240-day countdown for a decision on the ETF.

AllinCrypto noted that Hedera is now ahead of Dogecoin, XRP and Solana in the ETF approval race, making it the top altcoin after Ethereum for potential institutional adoption.

As institutions continue to express interest in altcoin ETFs, HBAR’s price action will be influenced by further regulatory developments and the prevailing market sentiment.