HBAR price held steady this week as investors focused on the latest launch of the Canary Hedera ETF on Tuesday. Hedera token was trading at $0.20, up by 105% from its lowest level this month.
Hedera ETF Records Encouraging Volume
The main Hedera news this week was the launch of the HBAR ETF, which made it available to American institutional and retail investors who are slowly shifting to cryptocurrencies, which they see as viable alternative assets.
Hedera ETF has been received relatively well by Wall Street traders, with its volume in the second day remaining strong at $8 million, which was the same amount on its first day.
The figure, however, as expected, was much lower than that of Solana, which is a bigger and more popular cryptocurrency. Solana’s volume on the first day was over $56 million, followed by $72 million on day 2. These are strong numbers since most ETFs drop on the second day of trading as the hype fades.
READ MORE: PayPal Stock Price Rises After Major Dividend and Guidance News
Hedera price also rose as the development activity on the network continued rising. Data shows that the number of active developers on the network jumped to a record high of 123 this month. This figure is the most among other layer-1 networks aside from Ethereum.
Meanwhile, EQTY Lab and Accenture launched a new AI agent governance solution for governance and enterprises using the Hedera network. They likely select Hedera because of its faster speeds, lower transaction costs, and its focus on enterprise.
Hedera’s stablecoin supply has also continued rising this week and currently stands at over $176 million. It has jumped by more than 90% in the last seven days.
HBAR Price Technical Analysis
The daily timeframe chart shows that the HBAR price has rebounded in the past few weeks, moving from a low of $0.0995 on October 11 to $0.2 today.
Hedera price is hovering at the 50-day and 200-day Exponential Moving Averages (EMA), as bulls hope that it will invalidate the death cross pattern. It is also hovering slightly below the descending trendline that connects the highest swings since July 26.
Therefore, the most likely HBAR price forecast is neutral for now. More gains will be confirmed if it moves above the descending trendline. Such a move will point to more gains, potentially to the key resistance level at $0.25.
READ MORE: XRP Price Prediction: Murrey Math Analysis Ahead of Fed Decision
