Hedera (HBAR) Shows Strong Technical Resilience, Targeting Breakout From Defined Range

Hedera (HBAR) is showing strong technical resilience, trading within a defined range and holding key support levels. Market momentum suggests a steady climb

Hedera (HBAR) has been exhibiting remarkable technical resilience, trading within a defined range and encountering key support levels. As market momentum indicates a steady climb toward range highs, the potential for a major breakout looms large.

However, the token's journey is not without its challenges, with a crucial resistance level pending. Ultimately, the ability of HBAR to sustain bullish momentum will determine whether it can pierce through key levels and pave the way for a return to new highs.

In a significant development, Grayscale Investments has taken a pivotal step by filing with the SEC for a Hedera Spot Exchange-Traded Fund. This move follows a similar filing by Canary Capital earlier in August.

This filing signals an interesting shift, considering Grayscale’s previous endeavors to launch an ATOM and SOL Trust, which unfortunately did not materialize.

As seen in the image above, the filing is for a Hedera (HBAR) Spot Exchange-Traded Fund. This comes after another firm, Canary Capital, filed for a similar HBAR ETF earlier in August.

Both filings are part of a broader trend in crypto firms seeking to list their products with the SEC. Recently, Bitwise also announced its intention to launch an ETH ETF, joining several other firms that have already filed for Bitcoin ETFs.

This flurry of activity follows the SEC's approval of the first two Bitcoin ETFs in August, paving the way for more digital asset products to become available to retail investors through traditional investment channels.

A Hedera ETF would provide easier access for investors to invest in the token, which is used for paying fees and securing the Hedera network, a public blockchain.

This move could also reinforce Hedera’s status as an institutional-grade asset and ultimately boost the long-term adoption of the token.

“The prospect of regulated investment vehicles such as ETFs introduces a layer of legitimacy to HBAR, positioning it as an institutional-grade asset, which could, in turn, foster greater adoption of the token in the long run,” industry experts told.

HBAR Eyes Breakout Amid Key Market Barriers

A crypto trader took to Twitter to highlight the presence of a significant buy wall below HBAR’s current price. At a glance, the token is showing strong support at this key level.

Furthermore, three major sell walls are sitting above, with a key resistance zone being formed around $0.31. If the token manages to break through this barrier, it could quickly surpass the yearly high and extend toward $0.55 after a corrective move.

As seen on the chart above, Bybit, a leading cryptocurrency exchange with an annual transaction volume exceeding $2.69 trillion, continues to be a major hub for HBAR traders.

With over 1 million monthly readers on Learn.Bybit, the platform remains instrumental in educating investors about market opportunities.

As institutional interest grows and the market structure of HBAR remains strong, all eyes will be on the token’s next move. Will the bullish momentum be enough to fuel a breakout? Only time will tell.