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Date: 2025-02-25 14:36:37
Hedera experienced a remarkable 125% increase in trading volume, despite its price reaching a yearly low with a 10% drop in the last 24 hours due to the broader crypto market slump. This significant trading volume increase occurred after Nasdaq submitted a filing to the US SEC for listing the Canary HBAR ETF.
Hedera's trading volume surged by 125% today, causing its price to plummet to a yearly low, as reported by crypto.news. This sudden increase in trading volume occurred shortly after Nasdaq submitted a filing to the US SEC to list Canary's HBAR ETF, which could potentially lead to the SEC approving the fund. If approved, the Canary HBAR ETF would offer institutional investors a simple way to invest in Hedera.
Major news! 👀🔥
Canary has just filed for an $HBAR ETF with Nasdaq.
Previously, Hedera's price had undergone an impressive rally in December 2024, reaching a cycle high of $0.40 in January. However, since hitting that peak on January 13, the token has been following a bearish trend, creating seven consecutive bearish candlesticks on the weekly chart.
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At present, HBAR has fallen over 50% from its local high and is currently hovering around $0.20, with the nearest support level being approximately $0.12 and resistance at $0.34. Despite the Relative Strength Index standing at 48.91, which indicates a neutral momentum, the MACD shows a bearish crossover, suggesting that downward pressure may persist in the short term.
Regarding recent developments, Hedera is bolstering its position in institutional tokenization. The HBAR Foundation recently made an investment in Archax's tokenized shares of Fidelity International's USD Money Market Fund. Archax, which operates as the first FCA-regulated digital asset exchange, has tokenized the MMF on the Hedera network.