On Tuesday, March 12th, the crypto market witnessed a bullish rebound after days of selling pressure. This relief rally has pushed Bitcoin to $83,240 with a +6% surge following the ease in trade tension between the United States and Canada. The renewed recovery bolsters most major altcoins including Hedera to seek suitable support for a bullish reversal. As the SEC acknowledges the filing for a proposed Grayscale Hedera ETF, the HBAR price eyes a quick 20% surge before a key breakout.
Key Highlights:
- The U.S. SEC has acknowledged Grayscale’s filing for a Hedera ETF, initiating a 21-day public comment period.
- A bullish divergence in the Relative Strength Index (RSI) as Hedera price rebounds from $0.18, indicating the increased buying pressure at this support.
- The HBAR price sustainability above 61.8% Fibonacci retracement level suggests that the buyers hold a key support level to counterattack.
Grayscale HBAR ETF Filing Gains SEC Acknowledgment
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged the filing for a proposed Grayscale Hedera ETF, marking a significant step toward listing the investment product on Nasdaq. The acknowledgment sets the stage for a 21-day public comment period, after which the SEC will decide whether to approve, reject, or further review the proposal.
The filing, submitted under Nasdaq’s Form 19b-4, seeks regulatory approval for an exchange-traded product (ETP) that would hold HBAR, the native token of the Hedera Network. If approved, the Grayscale Hedera Trust would operate under Nasdaq’s commodity-based trust share rules, similar to existing cryptocurrency-backed funds.
Grayscale Investments and Grayscale Operating will serve as sponsors for the ETF, with CSC Delaware Trust Company as the trustee and Coinbase Custody Trust Company acting as custodian.
While the acknowledgment does not imply SEC’s approval, it signals progress in integrating the HBAR token into mainstream finance, potentially bolstering demand pressure in Hedera price.
Hedera Price Rebounds Strong From Multi-Month Support
An analysis of Hedera’s daily chart shows its prevailing correction has shifted sideways above the $0.18 support. This horizontal support, backed by the 61.8% Fibonacci retracement level and 200-day EMA has created a strong accumulation zone for buyers.
With an intraday gain of 7.25%, the Hedera price bounced to $02 and the market cap surged to $8.316 Billion. This uptick bolsters a fresh higher low formation in the momentum indicator RSI, reinforcing the reversal opportunity as demand pressure at $0.18 rises.
If true, the altcoin could surge 18-20% and challenge a downsloping resistance trend near $0.22. A potential breakout from this barrier will signal the continuation of a bullish recovery.
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