Hedera price forecast: HBAR eyes $0.23 amid ETF listing

TL;DR

• $HBAR is up 16% in the last 24 hours, the best performer among the top 20 cryptocurrencies by market cap.
• The coin rallied ahead of the Hedera ETF listing on the NYSE.

$HBAR outperforms other major cryptocurrencies

$HBAR, the native coin of the Hedera blockchain, is the best performer among the top 20 cryptocurrencies by market cap. It added 16% to its value in the last 24 hours, allowing it to cross the $0.20 mark.

The rally comes as the Canary $HBAR ETF is set to commence trading on the New York Stock Exchange today. According to Bloomberg’s senior ETF analyst Eric Balchunas, several altcoin-focused crypto ETFs are set to begin trading, including the $HBAR Fund by Canary.

The new ETFs will allow institutions to gain more exposure to the cryptocurrency market, with most of them trading Bitcoin and Ethereum-focused funds since the start of the year.

The listing comes as a surprise due to the ongoing U.S. government shutdown, with the Securities and Exchange Commission only retaining a few essential staff during this period.

However, $HBAR’s price could rally higher in the near term thanks to this latest development.

$HBAR eyes $0.23

The $HBAR/USD 4-hour chart is bullish and efficient thanks to the ongoing rally, with the technical indicators suggesting a further upward rally. The MACD lines are within the positive territory, suggesting a bullish bias.

$HBAR/USD 4H Chart">

Furthermore, the RSI of 80 means that $HBAR is close to entering the overbought region. If the bullish trend continues, $HBAR could rally towards the next resistance level at $0.23400 over the coming hours. An extended rally would allow the coin to touch the $0.26 mark for the first time since August 22.

However, if the market undergoes a correction following this rally, $HBAR could drop to the $0.18 level to cover the FVG left by the massive push. The low of $0.16 will provide support in the near to medium term to allow the coin to surge higher.