HBAR Price Soars Amid Hedera Struggles

HBAR Price Soars Amid Hedera Struggles

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HBAR Price Prepares for Bullish Breakout Amid Hedera Hashgraph Stablecoin Volatility

The Hedera Hashgraph (HBAR) token has been experiencing significant price fluctuations, with its value currently standing at $0.24, down 22% from its highest point this year. Despite this, the HBAR price could be on the verge of a strong bullish breakout, thanks to the formation of a flag pattern.

Hedera Hashgraph’s Market Position and ETF Approval

Hedera Hashgraph‘s primary catalyst is the upcoming deadline for the spot HBAR ETF, scheduled for November 8. The agency’s approval of the fund is likely, given Hedera‘s high liquidity and market capitalization of over $10 billion, with a daily volume exceeding $500 million. The odds of ETF approval may rise after the SEC delivers its verdict on several funds, including Solana and XRP, in October.

Stablecoin Supply Volatility and Technical Analysis

The stablecoin supply on HBAR has been highly volatile, with the supply standing at $69 million, down from $149 million last Friday. The HBAR supply also experienced a significant plunge from $208 million on July 31 to $54 million on August 3. The daily timeframe chart shows that the HBAR price formed a double-bottom pattern at $0.1260 and a neckline at $0.2288, its highest point on May 12. The HBAR price has retested that support, confirming a break-and-retest pattern, which is a sign of continuation.

Elliot Wave and Price Forecast

Most notably, there are signs that the HBAR price is now in the second phase of the Elliot Wave. This phase is usually a corrective one, with the main characteristic being that it must not retrace 100% of the first one. Its lowest level coincided with the 61.8% retracement level. Therefore, the most likely HBAR price forecast is highly bullish, with the next target being at $0.3041, the highest point in July, which is about 28% from the current level.

Broader Market Context and Retail Investor Perspective

From a broader market context, the potential approval of the HBAR ETF could have a significant impact on the overall cryptocurrency market. Retail investors may view this as a sign of increased mainstream acceptance and legitimacy, potentially leading to increased investment and adoption. Additionally, the volatility of the stablecoin supply on HBAR highlights the importance of blockchain technology in maintaining a stable and secure financial system. As the cryptocurrency market continues to evolve, it is essential for investors to stay informed and adapt to the changing landscape.

Key data points to consider:

  • Market capitalization: Over $10 billion
  • Daily volume: Exceeding $500 million
  • Stablecoin supply: $69 million, down from $149 million last Friday
  • HBAR price forecast: Highly bullish, with the next target at $0.3041, about 28% from the current level.

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