Buy-side momentum has started to gain traction in the HBAR spot markets, a shift that aligns with Grayscale’s recent submission of a Form S-1 for its new Hedera Trust. This filing could pave the way for a potential listing with the ticker HBAR, contingent on Nasdaq’s approval of a critical rule-change request that would allow the product to commence trading.
The S-1 filing submitted yesterday elaborates on Grayscale’s proposed Hedera Trust, which is intended to provide investors with a regulated avenue to gain exposure to HBAR. In conjunction with this, Grayscale has also put forth applications for exchange-traded funds (ETFs) linked to Bitcoin Cash and Litecoin, underscoring its commitment to offering investors a broader range of regulated assets beyond Bitcoin and Ethereum.
The timing of these filings is particularly noteworthy, coinciding with the SEC’s recent decision to extend its review of Nasdaq’s application for the Grayscale Hedera Trust, which was initially filed in February.
As these developments unfold, there has been a visible increase in buy-side activity within the HBAR markets. Analysis of the HBAR/USD one-day chart reveals that the token’s Relative Strength Index (RSI) has surpassed the 50-neutral threshold and is continuing to trend upward. This uptick serves as an indicator of changing market sentiment towards bullishness.
The RSI, which gauges market conditions by measuring overbought or oversold levels, scales from 0 to 100. Readings above 70 typically suggest that an asset is overbought and may be due for a price correction, while values below 30 indicate oversold conditions, potentially signaling a rebound. The recent breakthrough of HBAR’s RSI past the neutral line suggests strengthening buying momentum and rising demand, positioning the asset for a period of increased upward pressure.
In addition to the positive RSI trends, HBAR experienced a 3% increase over the past day, pushing its price above the 20-day exponential moving average (EMA). This technical indicator, which reflects the average price over the last 20 trading days but gives more weight to recent prices, acts as dynamic support for HBAR and currently sits at $0.2285. Crossing above this average is a further confirmation of the bullish sentiment surrounding the token.
Looking ahead, HBAR’s trajectory could see it rise to as high as $0.2762, buoyed by growing demand from traders responding to the favorable conditions and news related to Grayscale’s Hedera Trust. However, should momentum reverse and selloffs occur, the token may find itself positioned to test lower support levels around $0.2123.
The combination of Grayscale’s strategic moves and the emerging buy-side interest is setting the stage for potentially significant price fluctuations in HBAR, making it a focus point for market participants seeking to capitalize on the evolving landscape of altcoin investments.
