Hedera trading volume spikes 125% as price hits yearly low

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.

Source: crypto.news

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.