Hedera (HBAR) price has been going up since early this month, rising over 250% from November 5 to November 18. On Monday alone, it jumped by more than 50%. HBAR has gained a lot of attention in the past few weeks, which has contributed to its price increase.
Typically, when a token starts trending on social media, it could be because it’s rising or declining. However, in the case of HBAR, the token is steadily increasing.
Brooks’ Potential SEC Appointment and Its Impact on HBAR
The price increase is likely due to the news that HBAR Board Member Brian Brooks could become the next SEC chairman. Brooks, a former CEO of Binance US, was nominated by Trump twice for Comptroller of the Currency. He’s a top candidate as Trump fills key roles in his administration.
BREAKING: The $HBAR Board Member and former Binance US CEO Brian Brooks has been named a potential candidate for SEC chairman. 🔥🤯
BRIAN BROOKS IS AN ABSOLUTE G!
We need someone like him as SEC Chair.
HBAR WOULD EXPLODE! pic.twitter.com/XFkie4k00G
— MASON VERSLUIS (@MasonVersluis) November 18, 2024The newly elected U.S. president has vowed to fire the current SEC chairman, Gary Gensler, on his first day in office. Following his victory, the SEC chair also hinted at a possible resignation.
Canary Capital’s ETF Proposal: A Boost for HBAR’s Legitimacy
Additionally, the talks surrounding Hedera can also be linked to Canary Capital. On November 12, Canary Capital filed an S-1 registration statement with the SEC for a Hedera HBAR spot ETF, offering investors a chance to invest in the crypto asset’s price. This marks the first time an asset manager has proposed an ETF for HBAR.
ETF filings by top investment firms could be beneficial for Hedera in the long term, as they may make it easier for investors to access the token. Additionally, the approval of an ETF could help improve HBAR’s liquidity and enhance its legitimacy.
Read More: 4 Reasons This Week Could Be the ‘Most Exciting’ for Ripple (XRP) Holders
Major Resistance at $0.13 Broken
The price of HBAR had been trading within a descending channel between April and early November. With the breakout around November 8, there was a rush of buying pressure, which helped the price skyrocket.
Typically, breakouts such as this target the top of the channel. The price broke the resistance at the top of the channel yesterday, which is around $0.13, and it has been able to turn it into support on the daily chart.
This signals that there might be room for more price increases in the short term. The positive fundamentals might also support the continued price rise.
However, the Relative Strength Index indicator is at 91 at the time of writing; this could trigger some retracement back to the support at $0.13. The support must continue to hold for the bullish momentum to be maintained.
