HBAR price coils for breakout following Grayscale Hedera Trust filing

$HBAR price is heating up for a breakout from a bullish pattern, fueled by recent news that Grayscale has registered a Hedera Trust ETF.

After breaking out of a double bottom with a neckline at $0.23, Hedera ($HBAR) price topped out at $0.30, failing to clear that resistance on two separate tries. The subsequent pullback retraced toward the breakout zone. However, the price held firm above the $0.23 support.

Since then, $HBAR price action has compressed into a bullish pennant — a continuation pattern that often precedes another leg higher in strong uptrends. The contracting range reflects temporary indecision, while the broader context — a bullish crossover between EMA 20 and SMA 50 — keeps the bullish narrative intact. The volume has contracted significantly since the latest pullback to $0.23 support, which is consistent with the bullish pennant breakout scenario.

Today’s daily candle is testing the upper boundary of the pennant, with volume starting to pick up — up roughly 30% over the past 24 hours — just as the two converging lines of the triangle approach their apex. This setup suggests that a breakout is imminent. If $HBAR breaks above the pennant, the measured move projects a target of approximately $0.37, based on the height of the preceding flagpole.

There’s still a possibility that $HBAR price may pull back within the pennant and continue to consolidate toward the apex. However, as long as the lower trendline support holds, the bullish scenario remains intact.

$HBAR price coils for breakout following Grayscale Hedera Trust filing - 1">

Source: TradingView

What’s driving $HBAR price?

Apart from the strong technical setup, $HBAR price momentum is being supported by a recent fundamental development. Just two days ago, on August 12, Grayscale registered the Hedera Trust ETF in Delaware, alongside a Cardano (ADA) ETF. These registrations are significant because they often precede official S-1 filings with the SEC, signaling a potential launch of a regulated investment vehicle for $HBAR.

There is also speculation that BlackRock will file for a Hedera ETF by Monday.