Hedera (HBAR) Sees Price Rise as Crypto Market Rebounds
On Wednesday, October 1, Hedera’s price ticked up as the crypto market recovered. Traders are also keeping an eye on the upcoming crypto ETF season.
Hedera’s price has entered the second phase of the Elliot Wave pattern. It also shows a double-bottom pattern on the daily chart, hinting at a potential rebound.
The HBAR token climbed to $0.2200 from its September low of $0.2050. Though, it’s still 27% below its highest point this year.
Technical Analysis points to Rebound
The daily chart reveals a double-bottom pattern at $0.2050, with a neckline at $0.2552.A falling wedge pattern has also formed, frequently enough leading to a bullish breakout. This wedge is part of the second phase of the Elliott Wave pattern.
The token could move to the third phase, typically the most bullish. The first target is the year-to-date high of $0.3065, about 40% above current levels. A move above this could signal further gains, possibly reaching last November’s peak at $0.4000.
The bullish forecast will be invalid if the price drops below the double-bottom point at $0.2050.
HBAR to Gain from Crypto ETF Season
Eric Balchunas, a senior ETF analyst at Bloomberg, believes the crypto ETF season is beginning. The SEC is set to approve or deny over 70 applications, increasing the likelihood of many approvals.
hedera is among the cryptocurrencies that could benefit. The SEC has been reviewing the Grayscale Hedera ETF since 2024, with a final deadline in November.Approval could come sooner, especially if other ETFs are approved soon. This could boost HBAR as investors anticipate higher demand.
For more insights, check out the HBAR price chart.
