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Hedera is a decentralized, open-source, proof-of-stake public ledger that utilizes the leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hash graph consensus algorithm.
Whale Accumulation in HBAR Ecosystem
In the past week, there has been a noticeable increase in whale accumulation within the Hedera (HBAR) ecosystem, especially with the largest whale wallet, 0.0.652978, nearing 3 billion HBAR holdings. This activity has led to discussions in the community, particularly on Reddit. Many members are concerned about the concentration of HBAR in a few wallets and speculate that this large wallet might be connected to an exchange like Binance. This suggests that the holdings could represent funds from many retail investors instead of one individual’s investment plan.
ETF Filing Sparks Price Movement
A major reason for the recent price changes in HBAR was the filing of an S-1 registration statement by Canary Capital with the U.S. Securities and Exchange Commission (SEC) to create an HBAR spot exchange-traded fund (ETF). This is the first time an asset manager has tried to set up an ETF for HBAR, which could make it more legitimate and easier for traditional investors to buy.
Market Dynamics and Price Correction
HBARUSD showed a minor correction after a massive rally. Any daily close above $0.20 confirms further bullishness.
Recent Performance Overview
HBARUSD gained more than 70% in the past two days on positive development. The pair holds above the short-term (34 and 55 EMA) and long-term moving average in the 4-hour chart. It hit a high of $0.15761 at the time of writing and is currently trading around $0.13726.
Possible Support and Resistance Levels
The bullish invalidation can happen if the pair closes below $0.060. On the lower side, the near-term support is $0.1150. Any close below targets 0.090/\0.0600.
Future Price Predictions
The pair's near-term resistance is around $0.160. Any breach above confirms minor bullishness. A jump to $0.18/$0.20 is possible. A surge past $0.20 will take it to $0.25/$0.30.
Buying Recommendations
It is good to buy on dips around $0.1150 with a stop loss around $0.080 for a target price of $0.20.
