HBAR Price Eyes Bullish Continuation as DTCC ETF Listing and Archax News Fuel Rally
The HBAR price has formed a bullish falling wedge pattern, which was launched by the DTCC ETF listing and Archax Pool Tokens. This development has led to a significant surge in the price of Hedera (HBAR), with the cryptocurrency recently crashing to $0.21 and then rebounding to reclaim the breakdown zone.
The price has now formed a falling wedge and broken over the upper resistance, with the 20-day SMA now providing support, indicating further upward potential. The Relative Strength Index (RSI) suggests that the HBAR price still has room for climbing and possibly reaching the previous swing with $0.26 before reaching overbought values.
Technical Analysis
The HBAR price has reclaimed the breakdown zone and made the previous technical setup of the bearish pattern invalid. The price has now formed a falling wedge, which is typically a bullish reversal pattern, and the latest price action confirms a clean breakout above the upper wedge resistance. The 20-day SMA, which previously acted as a dynamic resistance, has now turned into support and has converged with a horizontal demand zone, creating a strong confluence.
This level can contain the next withdrawal, but the RSI suggests that the HBAR price still has room for climbing. The falling wedge pattern is a bullish signal, and the breakout above the upper resistance is a strong indication of further upward potential. The 20-day SMA providing support is an additional bullish sign, and the convergence with the horizontal demand zone creates a strong confluence.
Source: Tradingview
DTCC ETF Listing and Archax News
In addition to Solana and XRP, HBAR was recently included in the list of the National Securities Clearing Corporation of the DTCC as a potential spot. While the approval of the SEC is still pending in November, analysts appreciate a probability of approval of 90%. This news has fueled the rally in the HBAR price, with the cryptocurrency surging in response to the positive developments.
Furthermore, Archax, a British regulated digital asset exchange and custodian, launched “Pool-token” for Hedera, enabling users to create single-token multi-asset portfolios with multiple asset chains. This function allows investors to diversify across tokenized assets, transmit entire portfolios, and even use security and compliance with regulatory regulations in the institutional class as collateral.
These developments have led to a significant increase in the price of HBAR, with the cryptocurrency forming a bullish falling wedge pattern. The technical analysis suggests that the HBAR price still has room for climbing, and the news from DTCC and Archax has fueled the rally.
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