Hedera (HBAR) Price Surges Above $0.20 as ETF Launch Sparks Bullish Momentum

Hedera (HBAR) price reached above $0.21 level, and the trading volume surged more than 300% in the past 24 hours. Bullish momentum is largely backed by the HBAR spot ETF launch.

The Current Market Scenario: How is Hedera (HBAR) Faring Now?

Hedera (HBAR) is trading around $0.2126 at the time of writing this article. The market cap reached $9 billion. The 24-hour trading volume touched $775.3 million with an increase of more than 300%. The price of HBAR is driven by key factors such as increased institutional interest and strong technical signals. 

The token is currently selling above the 10-day Exponential Moving Average. The 10-Day Simple Moving Average (SMA) is sending buy signals as the current price is above 0.20. The 14-day Relative Strength Index (RSI) is 58.39079, suggesting a neutral position but inclining towards bullish momentum. The Fear and Greed Index value of 50 indicates a neutral stance, but the volatility remains very high with 11.58%. 

Nevertheless, breaking above the psychological level of 0.2 has added renewed momentum to the price movements. The traders are closely watching whether HBAR could reach 0.22501 and break above. Holding to the 0.2 level is crucial to maintain the rally.  

What’s Driving the Price of Hedera (HBAR)?

The major industrial development that’s building the bullish momentum is the Canary HBAR spot ETF launch on Nasdaq today, October 28. The listing was also confirmed by crypto expert Mark Chadwick on X (formerly Twitter). The HBAR spot ETF is listed under the ticker HBR. 

The ETF debut had attracted institutional investors to the HBAR. The ETFs provide a regulated way to invest in rather volatile crypto assets without owning them. The SEC had streamlined the crypto ETF approval process back in September, considerably reducing the time taken for launch. It’s worth noting that the listing happened despite the ongoing U.S government shutdown. Besides HBAR, Solana, and Litecoin, ETFs have also been approved. On the technical side, a break above 0.2 had triggered buying. Investors are closely monitoring whether HBAR could continue the bullish run. The macro pressure also eased as the U.S and China trade talks progressed constructively in Malaysia, further reinforcing the bullish signals.

The Bottom Line: Is Hedera Going to Skyrocket?

So far, the all-time high reached by Hedera was $0.5701 back in 2021. Whether the uptrend continues or not largely depends on the performance of the Hedera Spot ETF.  The larger crypto community is expecting that an enhanced institutional investors’ entry via ETF will help to reduce the volatility of the token and further attract more institutional adoption. 

Furthermore, the crypto market as a whole is experiencing a rebound amid the easing of macro pressure due to thawing trade tensions between the U.S and China. The market participants are largely optimistic about the upcoming meeting between U.S. President Donald Trump and Chinese President XI Jinping and the Fed rate cuts. For Hedara, along with ecosystem developments, a favourable macro environment is crucial for the bullish momentum to continue. A bullish run is definitely on the horizon if the token is able to hold $0.21 level, given the market remains devoid of any macro or technical headwinds.