HBAR Price May Rally Significantly as Canary Capital Files Application for Primary Spot ETF

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.

Hedera Hashgraph (HBAR) price might be nearing a crucial juncture as investment platform Canary Capital filed an application with the U.S. Securities and Exchange Commission on November 12 for the primary spot exchange-traded fund (ETF) for the cryptocurrency.

This filing could be a major development for the Hedera ecosystem, bringing HBAR to the attention of institutional investors and a broader audience.

If the ETF is approved, it could inject significant liquidity into HBAR, meningkatkan kesadaran akan cryptocurrency, and serve as a bridge between traditional financial markets and crypto.

A crypto analyst known as Birdman has predicted that HBAR could rally and potentially multiply in value if the ETF is approved.

Another market analyst, gripecoin, believes that the SEC approval is imminent and will open up institutional use, bringing billions of potential capital to Hedera.

According to him, this increased investment could lead to a “meme coin boom” on the Hedera network, pushing HBAR to new highs in the next bull cycle.

Currently setting his target for HBAR at $14, gripecoin feels that there’s more potential for the token, adding that “the sky's the limit.”

HBAR price has shown a bullish trend in the recent trading session, and the cryptocurrency is currently trading at $0.06039, having opened at $0.06018, with a high and low of $0.06194 and $0.05982 respectively.

RSI technical indicator for HBAR 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 filed an application to the SEC on behalf of an HBAR Trust that was launched by the investment firm in October 2024 for accredited investors.

By filing for the HBAR ETF, Canary Capital is furthering its strategy to expand access to cryptocurrency investment vehicles, catering to both institutional and retail investors.

Canary has filed several other spot ETFs for various altcoins, including XRP, Solana, Litecoin, and others. The firm holds a leading portfolio in the crypto market.

The SEC has yet to provide any specific updates regarding its decision on the HBAR ETF approval. However, many are optimistic about the potential implications and market shifts that could follow if the HBAR ETF is greenlit by the U.S. market regulator.

If Bitcoin fiyatı reaches the $100,000 milestone as predicted by some analysts, HBAR could benefit from a bull market effect, attracting more capital and attention from both retail and institutional investors.

For now, market participants are keeping a close watch for updates from the SEC, and HBAR holders are hopeful about the token’s future. Canary Capital’s application approval could position HBAR as a top enterprise blockchain, garnering interest from major institutional investors.