On March 7th, Friday, the Bitcoin market witnessed a notable downtick ahead of the White House 2025 Crypto Summit. While U.S. President Donald Trump delivered some positive comments on the cryptocurrency industry, the BTC price lost $90,000 support, maintaining a correction sentiment among altcoins. However, the Hedera price shows notable resilience to the current market downturn as it eyes another breakout amid progress in spot Hedera Exchange-Trade Fund (ETF).
Key Highlights:
- The broadening wedge pattern leads the current consolidation trend in the HBAR price
- The Hedera price bounced from the 200-day Exponential Moving Average, indicating the broader trend is bullish and buyers remain the dominant force in this asset.
- The SEC has officially acknowledged the filing for a Spot Hedera ETF, boosting investor confidence..
SEC Acknowledges Filing for Canary Spot Hedera (HBAR) ETF
On March 7th, the U.S. The Securities and Exchange Commission (SEC) officially acknowledged the filing for a Canary Spot Hedera ETF. With this move, Hedera Hashgraph ($HBAR), known for its high-throughput blockchain technology, is potentially set to join the ranks of cryptocurrencies with dedicated ETFs, signaling increased legitimacy and acceptance from traditional finance.
The community awaits further clarity from the SEC timelines and potential implications
If approved, the investors will get access to regulated HBAR without direct custody control. This could drive significant capital inflows, increase liquidity, and boost mainstream adoption of Hedera’s network.
Hedera Price Recovery Eyes Major Breakout
Over the past three months, the Hedera price has resonated within two diverging trendlines of a broadening wedge pattern. The two diverging trendlines of the pattern indicate increasing market uncertainty until the dominant force shows its presence.
Within a fortnight, the HBAR price has rebounded from $0.175 to $0.23 current trading value, projecting a gain of 32%. If bullish momentum persists, the coin buyers could breach the immediate resistance of $2.7 and set eyes on a $4.2 high.
The assets’s sustainability above 200-day indicates the broader trend remains bullish, and the potential for renewed recovery stays high.
Also Read: US to Establish Digital Asset Custody Account for Managing the Stockpile
