Hedera Coin (HBAR) Eyes $0.18 as Canary Capital Group Files for HBAR ETF

The Hedera coin, HBAR, has continued its upward trend from the previous week's 39% increase, rising by more than 16% in the last 24 hours

Hedera (CRYPTO: HBAR) coin has continued its upward trend from the previous week's 39% increase, rising by more than 16% in the last 24 hours and moving into the top 40 coins by market capitalization.

What Happened: HBAR is trading at $0.071 at the time of writing, up 16.36% over the last 24 hours. The Hedera token has experienced relative stability, trading sideways for several months.

The HBAR token is the native coin of the Hedera decentralized blockchain network. Hedera is designed for enterprises and allows individuals and businesses to build decentralized applications (DApps).

Recent developments have brought attention to the HBAR token, including Canary Capital Group's potential launch of an HBAR ETF.

On November 12, Canary Capital Group filed an S-1 registration statement with the U.S. Securities and Exchange Commission for an ETF linked to HBAR.

🚨NEW: @CanaryFunds has filed an S1 with the @SECGov to launch an $HBAR ETF.

This comes following Canary’s launch of its $HBAR Trust in October. pic.twitter.com/9NyvUpWXil

— Eleanor Terrett (@EleanorTerrett) November 12, 2024

The exchange-traded fund is designed to replicate the assets native to the Hedera network. “The Trust’s assets will be valued each business day at the close of trading on the NYSE Arca, and the Trust will pay dividends, if any, on a quarterly basis,” the filing reads.

There is also speculation that President Trump and the Department of Government Efficiency (DOGE) are looking into a federal voting and identity verification system using blockchain technology. According to the rumor, the initiative will see partnerships with X, Cardano, Hyperledger, and Hedera.

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World Economic Forum member and crypto enthusiast Shawn is optimistic about Hedera coin (HBAR), as reflected in his posts from several analysts on X.

“The last technical resistance for HBAR is 7.8 cents. Afterwards, I expect a sharp spike above 13 cents and the price to then settle at 11 cents for a few days.”

“Once that happens, we will attempt to break 13.36 cents and the final resistance at 18 cents before we attempt to break the all-time high.”

HBAR/USD Chart by TradingView

The World Economic Forum member also noted that on the weekly chart, “$HBAR is breaking out from a significant trendline and gaining a lot of upward momentum.”

“This breakout marks the end of a pullback that started in early 2024 after reaching a peak of over $0.15.”

“Currently at $0.072, HBAR has formed its second consecutive bullish weekly candle. Most MAs signal ‘Buy,’ with both EMAs and SMAs across 50 and 100 periods showing bullish momentum.”