HBAR Declines 4% Following ETF Debut
HBAR fell 3.25% to $0.1925 despite the debut of its first U.S.-listed exchange-traded fund (ETF) on Nasdaq by Canary Capital. The initial enthusiasm after the ETF launch, which led to a 25% price rally, faded as profit-taking emerged. Trading volume surged 19% above the 30-day average, highlighting significant institutional activity, although market data suggested a broader trend of controlled selling across digital assets. Key technical levels were breached, suggesting a bearish shift, with critical support at $0.2040 being broken. Despite the milestone for Hedera, technical indicators pointed towards potential further downside, with expectations of a move toward $0.190. The ETF recorded an impressive $8 million in first-day volume, underscoring institutional interest, yet the price action suggested that short-term pressures may prevail over long-term adoption momentum.
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