As Bitcoin presses towards the $70,000 mark, capturing mainstream market attention, the native token of the Hedera network, HBAR, is emerging as a standout performer with a significant technical breakout and fundamental catalysts. HBAR price surged over 12% in a single day to trade near $0.105, a move that coincided with Bitcoin testing the upper $60,000 range. This relative outperformance during a Bitcoin advance is a key signal, suggesting capital may be rotating into select altcoins.
Crypto analyst Bmendo highlighted that HBAR is attempting to break out of a long-standing descending channel for the fourth time. Unlike previous attempts that met sharp rejection, the current price action is holding above prior resistance, indicating weakening sell-side pressure. This technical structure, combined with Bitcoin's regained upward momentum, creates a bullish setup for HBAR.
Beyond chart patterns, a major supply-side dynamic is building. The Canary Capital HBAR spot ETF (ticker: HBR) is already live and has custody of over 1.3% of HBAR's total fixed supply of 50 billion tokens. This effectively locks up hundreds of millions of tokens, reducing the available float on exchanges. Furthermore, more than 15 additional HBAR ETF filings from firms like Grayscale Investments and Bitwise Asset Management await regulatory decisions, which could introduce incremental demand against a tightening supply base.
Hedera's fundamentals, including its Hashgraph consensus mechanism offering high throughput and low fixed fees, and a governing council with members like Google, IBM, and FedEx, provide a foundation that differentiates it from many altcoins and appeals to institutional interest.
In the short term, however, HBAR has entered a consolidation phase. As of the latest data, the token trades at $0.09521, hovering in a critical support and resistance flip zone between $0.094 and $0.096. Immediate support lies at $0.09286, with resistance at $0.09595 on the 12-hour chart. A break below the $0.093 level would invalidate the current supportive structure and shift focus to lower price levels.
