Hedera’s native token, HBAR, is showcasing remarkable resilience despite facing headwinds from the delayed decision of the U.S. Securities and Exchange Commission (SEC) regarding Canary Capital’s proposed HBAR ETF, now slated for November 8. Recent market activities show that investor enthusiasm has bolstered HBAR’s price, which has increased by 4% amid bearish market pressures.
The support for Hedera among investors is palpable. A look at the 12-hour chart reveals a significant increase in the Chaikin Money Flow (CMF), indicating notable capital inflows into the asset. This trend suggests that many investors are undeterred by the regulatory uncertainties surrounding the ETF, reflecting a robust belief in HBAR’s long-term growth potential. The inflows indicate that a supportive community of holders remains committed, providing stability and helping the token resist lower price levels.
The Moving Average Convergence Divergence (MACD) indicator is also showing promising signs, having recorded its first bullish crossover in over six weeks. This technical movement signifies a potential upswing in market momentum, suggesting that investor demand might be gaining strength, which is essential for a sustained upward trend.
While the broader cryptocurrency market exhibits cautious bullishness, HBAR’s ability to generate momentum independent of overall market sentiment highlights its unique positioning. The commitment from dedicated holders is crucial, as it assists the token in maintaining its gains, even in light of uncertain regulatory developments.
Currently, HBAR is trading at $0.227, reflecting a 3.5% increase over the past 24 hours. It is approaching a resistance level at $0.230 after bouncing back from a solid support base at $0.219. Should bullish momentum persist, HBAR could potentially surpass the $0.230 mark, paving the way for a climb toward $0.245.
However, investors remain watchful. If the current momentum dwindles, a failure to break through $0.230 could trigger a retracement, leading HBAR back toward the support levels at $0.219 or possibly downwards to $0.213. This scenario would challenge the optimistic outlook that has developed around the token in recent weeks.
