TL;DR
- HBAR rose 16% in the past 24 hours, making it the best-performing top-20 cryptocurrency by market capitalization.
- The token’s gain came ahead of the listing of a Hedera-focused ETF on the New York Stock Exchange.
HBAR Outperforms Major Cryptocurrencies
HBAR, the native token of the Hedera blockchain, outperformed other top-20 cryptocurrencies, jumping roughly 16% in the last 24 hours and breaking above the $0.20 level.
The rally coincides with the Canary HBAR ETF starting trading today on the New York Stock Exchange. Bloomberg senior ETF strategist Eric Balchunas noted that several altcoin-focused crypto ETFs are beginning trading, including Canary’s HBAR fund.
These new ETFs give institutions broader exposure to the crypto market beyond the Bitcoin and Ether funds that have dominated institutional flows so far this year.
The timing of the listing was somewhat unexpected given the ongoing partial U.S. government shutdown, during which only essential staff have remained active at the Securities and Exchange Commission.
Nevertheless, the ETF launch appears to be a positive catalyst that could push HBAR’s price higher in the near term.
HBAR Eyes $0.23
On the 4-hour chart, HBAR/USD displays bullish momentum and efficiency, with technical indicators suggesting further upside. The MACD line sits in positive territory, signaling bullish bias.
The RSI reads around 80, indicating the token is nearing overbought levels. If bullish momentum continues, HBAR could rally toward the next resistance near $0.23400 within hours. A sustained advance could push the token back toward $0.26, a level not seen since August 22.
Conversely, if the market corrects after this surge, HBAR could retrace to approximately $0.18 to fill the large fair value gap left by the rally. A deeper pullback near $0.16 would provide medium-term support for the token.