HBAR price jumps after first staking Hedera ETF launch
Hedera Hashgraph token jumped and crossed an important resistance level after the launch of the first staking exchange-traded fund.
Hedera (HBAR) jumped to a high of $0.2500, its highest level since March 7, up by nearly 100% from its lowest point in June. This rally was fueled by the ongoing crypto bull run.
Another catalyst for the surge was the announcement from Valour Finance about the launch of the Valour Hedera Physical Staking exchange-traded product on the SIX Swiss Exchange. In a statement, Johanna Belitz, the Head of Nordics at Valour, said:
The new listing will give investors, mostly in Switzerland, access to HBAR and its staking rewards. Data shows that HBAR tokens have a relatively small yield of 0.03%, much lower than other popular tokens like Solana (SOL) and Avalanche (AVAX).
The listing comes as Wall Street investors await a potential HBAR ETF approval by the Securities and Exchange Commission. An approval would give it access to American investors, who continue to show strong interest in crypto ETFs.
For example, spot Bitcoin ETFs have attracted over $53 billion in inflows, while Ethereum ETFs have added over $6.4 billion.
The case for HBAR is that Hedera is a large crypto project with a market capitalization of over $10 billion. Members of its governance council include blue-chip companies like Google and Ubisoft, and its stablecoin ecosystem is gaining momentum.
Its stablecoin supply has jumped to over $162 million, significantly higher than where it started the year.
HBAR price technical analysis
The daily chart shows that the HBAR price has some of the strongest technicals. It formed a double-bottom pattern at $0.1265 and has already broken above the neckline at $0.2300, its highest point on May 13.
Hedera price is about to form a mini golden cross pattern as the spread between the 50-day and 100-day moving averages narrows. It has also moved above the 50% Fibonacci retracement level.
Therefore, the most likely scenario is continued upside, with the next level to watch at $0.3155, the 23.6% retracement point, which is 30% above the current level.
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