Key Insights:
- HBAR has formed a bullish flag pattern, signaling a potential price surge with a target of $0.3041.
- Volatility in Hedera’s stablecoin supply remains a concern, but it has not overshadowed growing bullish expectations.
- The upcoming November ETF approval decision could significantly impact HBAR’s market movement and investor sentiment.
Hedera’s HBAR price has formed a bullish flag chart pattern, signaling possible gains despite the volatility surrounding the network’s stablecoin supply. As of September 21, HBAR traded at $0.24, reflecting a 22% drop from its peak this year but still up by 88% from its lowest point. Despite this, there’s growing optimism about its future, driven by upcoming developments and technical indicators that suggest a possible price surge.
The formation of a bullish flag pattern on the HBAR price chart is a critical sign for traders and analysts. This pattern, typically seen as a continuation signal, suggests a potential upward movement. The price has recently confirmed a break-and-retest of a key support level around $0.2288, which is a strong indicator of further bullish momentum. Additionally, Hedera’s HBAR token is currently in the second phase of the Elliot Wave, a corrective phase that traditionally does not retrace beyond 100% of the previous move, reinforcing the likelihood of upward movement.
Stablecoin Supply and ETF Approval Remain Key Factors
Despite the bullish technical signals, HBAR’s stablecoin supply has remained volatile, with fluctuations in its value observed in recent months. Data from DeFi Llama shows the supply dropped from $149 million last Friday to $69 million on September 21. This erratic behavior has raised concerns but has not deterred investor optimism.
Furthermore, the approval of an HBAR ETF is expected to be a major catalyst for the token. The SEC’s upcoming decision on the ETF in November, following expected rulings on Solana and XRP ETFs in October, could significantly influence market sentiment. Hedera is considered a highly liquid asset and has a market capitalization exceeding $10 billion, adding weight to the potential for ETF approval.
Looking Ahead: Price Target Set at $0.30
With the technicals aligning and the upcoming ETF decision, HBAR’s price target is set at $0.3041, a 28% increase from current levels. If the ETF approval comes through, it would likely act as a major driver for the token, especially given its solid liquidity and the growing institutional interest in the network. This could further solidify HBAR’s bullish trajectory, making it a token to watch in the coming months.
