HBAR overcame consolidation and surged.

HBAR on an Upward Trend

HBAR exited the $0.22 level during the last trading hour on October 8, leaving behind a prolonged period of consolidation. The sharp increase in trading volume caught the attention of investors.

Canary Capital is nearing the completion of its spot HBAR ETF recommended under the HBR ticker with a 0.95% management fee; however, the SEC reviews are delayed due to a shutdown conducted by the U.S. government.

Market Impact and Investor Behavior

Owners of XRP and altcoin investors have started adding HBAR to their balanced portfolios, alongside ADA and XLM. This situation indicates an increasing interest in utility-focused blockchain assets.

HBAR gained about 2% by overcoming a significant resistance between October 7 and 8. The token, which had been stuck at the $0.22 level for an extended period, tested this level multiple times as support and resistance. The drop in trading volume from 138.43 million to 19.74 million tokens indicates a decrease in short-term participation. However, HBAR has managed to maintain a healthy accumulation phase.

During the last trading hour on October 8, HBAR broke out of its tight formation. This event occurred between 13:12 and 14:11 UTC. Quickly bouncing back from the day's low of $0.22, it reached new session highs. The technical breakout corresponded with general market optimism surrounding the Hedera ecosystem.

Technical Indicators

HBAR traded within a range of $0.01 during the 24-hour session. Repeated tests at the $0.22 level established critical technical parameters. A strong rejection at 0.22 dollars at 01:00 confirmed the resistance of this level. In the initial stages, trading volume significantly dropped from 138.43 million tokens to 19.74 million tokens, indicating a loss of momentum. However, trading volume exceeding 4.3 million tokens during the 14:02 period revealed institutional interest. The sharp turnaround from the daily low of $0.22 at 13:45 confirmed that the consolidation dynamics had come to an end.