HBAR surges after the ETF launch, on-chain signals reinforce the upward momentum.

The price of Hedera (HBAR) continues to maintain an impressive upward trend, currently trading above the 0.20 USD mark at the time of writing on Thursday, after climbing over 13% since the beginning of the week. This growth momentum is strongly supported by the launch of the HBAR spot ETF on the NYSE, attracting up to 8 million USD in volume on its first day. Not only that, but on-chain data and technical signals also paint a positive picture: whale accumulation activity has increased significantly, while trend indicators show that the upward trend is becoming increasingly solid.

Hedera spot ETF launched on NYSE

Canary Capital – an asset management company based in Australia – has just announced the launch of the Hedera spot ETF ( code HBR) on Tuesday, marking an important milestone in bringing the Hedera ecosystem closer to traditional investors.

According to Bloomberg's senior ETF analyst, Eric Balchunas, the HBR fund attracted about 8 million USD in capital flow during its first trading session. This figure reflects strong demand from both institutional and individual investors to access Hedera through a legitimate and transparently managed investment channel.

In the long term, the emergence of spot ETFs is seen as a positive step for HBAR, as it allows investors to gain exposure to the asset without needing to hold the token directly. Additionally, ETFs contribute to improving liquidity, increasing transparency, and promoting the widespread adoption of the Hedera ecosystem.

On-chain data reinforces the bullish outlook for HBAR

According to aggregated data from CryptoQuant, both the spot market and futures contracts for HBAR have recorded significant buying from “whales”, indicating a high possibility of a new bullish trend forming.

Meanwhile, data from Santiment shows that the trading volume of Hedera reached 1.17 billion USD on Tuesday — the highest since July 19 — before stabilizing around 640 million USD on Thursday. This significant increase reflects stronger interest and liquidity on the HBAR on-chain, further reinforcing the positive outlook for the token price in the near future.

Transaction volume chart (transaction) of HBAR | Source: Santiment## Hedera price forecast: Bulls aim for higher milestones

The price of Hedera (HBAR) has rebounded within a descending wedge pattern on Tuesday and quickly surged by 8.62% in the next session, closing above the 50-day exponential moving average (EMA) at the level of 0.19 USD. As of the time of writing on Thursday, HBAR has maintained its upward momentum and is trading steadily above the 0.20 USD threshold.

If the upward momentum continues to be maintained, HBAR could extend its recovery pace, targeting the important resistance level at the peak on July 31 around 0.27 USD.

Daily HBAR/USDT Chart | Source: TradingViewOn the daily timeframe, the RSI indicator is at 58 – above the neutral threshold of 50 – indicating that buying pressure is prevailing. At the same time, the MACD indicator has shown a bullish crossover( from last week, sending a clear buy signal. The increasingly high green histogram bars above the neutral level further reinforce the bullish outlook.

Conversely, if HBAR adjusts, the nearest support area around 0.19 USD will be the key level to watch to determine the strength of the bulls.

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