Hedera’s native token, HBAR, has recorded a remarkable 46% surge in the past 24 hours, pushing its market capitalization to $4.9 billion. The token currently trades at $0.1305, marking a 134% increase over the past week.
HBAR ETF Filing Sparks Market Interest
The recent rally follows Canary Capital’s filing for a spot HBAR ETF, coinciding with expectations of a more crypto-friendly regulatory environment under the Trump administration.
The development has triggered significant market activity, with daily trading volumes surging 115% to reach $2.46 billion.
HBAR’s price action faces key resistance levels at $0.1331 and $0.1372, with the next significant barrier at $0.1562.
Crypto analyst Captain Faibik identified a bullish breakout from a symmetrical triangle pattern on the weekly timeframe, setting an ambitious $1 long-term target.
$HBAR is breaking out of Symmetrical Triangle on the Weekly timeframe Chart..!!
Long term Target : 1.00$#Crypto #HBAR #HBARUSDT pic.twitter.com/bTeJI0KgA8
— Captain Faibik 🐺 (@CryptoFaibik) November 18, 2024
In a key development, Hedera board member Brian Brooks has emerged as a potential candidate for SEC chair. Brooks, a former Binance US CEO and Trump nominee for Comptroller of the Currency, could bring extensive crypto industry experience to the regulatory body.
“Brooks’ potential appointment could represent a pivotal shift in crypto regulation,” industry observers noted. “His understanding of the digital asset space could prove transformative for the sector.”
As HBAR continues its upward trajectory, market participants are closely monitoring these key levels for potential breakout confirmations. The combination of positive regulatory developments and technical strength suggests continued momentum for the Hedera ecosystem.