Hedera saw an impressive 125% surge in trading volume, following yesterday’s Nasdaq’s filing with the US SEC to list the Canary HBAR ETF. However, the price has hit yearly low, declining by 10% in the last 24 hours amid the broader crypto market downturn.
Hedera (HBAR) trading volume surged by 125% today as its price fell to a yearly low, according to crypto.news. This spike in trading activity comes shortly after Nasdaq filed with the US SEC to list Canary’s HBAR ETF, raising the likelihood of the SEC approving the fund. If successful, the Canary HBAR ETF would provide institutional investors with an easy way to invest in Hedera.
The price of Hedera had previously seen an impressive rally in Dec. 2024, reaching a cycle high of $0.40 in Jan. However, since hitting that peak on Jan, 13, the token has been on the bearish trajectory, creating seven consecutive bearish candlesticks on the weekly chart.
As of now, HBAR has dropped over 50% from its local high and is currently hovering around $0.20, with the nearest support level at about $0.12 and resistance at $0.34. Although the Relative Strength Index stands at 48.91, indicating a neutral momentum, the MACD shows a bearish crossover, suggesting that downward pressure could continue in the short term.
As far as the recent developments are concerned, Hedera is strengthening its position in institutional tokenization. The HBAR Foundation recently invested in Archax’s tokenized shares of Fidelity International’s USD Money Market Fund. Archax, which operates as the first FCA-regulated digital asset exchange, has tokenized the MMF on the Hedera network.
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