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Hedera's (HBAR) price exhibits potential for a robust surge, indicating an upside of approximately 80%

Having formed a bullish flag pattern, HBAR could be gearing up for a surge, possibly hitting the $0.40 mark, as per analysts. Notably, trading volumes and institutional involvement are trending upwards.

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Hedera's (HBAR) value targets a robust surge, projecting a potential upside of 80%
Hedera's (HBAR) value targets a robust surge, projecting a potential upside of 80%

Hedera's (HBAR) price exhibits potential for a robust surge, indicating an upside of approximately 80%

The U.S. Securities and Exchange Commission (SEC) has announced a delay in its decision regarding Canary Capital's application for a Hedera Hashgraph (HBAR) Exchange-Traded Fund (ETF). This marks the second time the decision has been postponed, following initial delays in April and June.

The proposal for Canary Capital's HBAR ETF was first filed by Nasdaq back in February. The SEC's decision has been delayed possibly due to the commission's reported intention to introduce updated generic ETF listing standards.

Meanwhile, HBAR, the native cryptocurrency of Hedera Hashgraph, currently trades at $0.22 with a 24-hour volatility of 2.5% and a market cap of $9.52 B. The daily trading volume for HBAR has seen a significant increase by 54% to $196.42 M.

In other cryptocurrency news, PepeNode (PEPENODE), a "mine-to-earn" meme coin, is gaining popularity ahead of its token launch. The presale for PepeNode has already raised $868K and is rapidly approaching $1 million. Purchases for PEPENODE can be made via credit card, debit card, or cryptocurrency.

PepeNode offers a high Annual Percentage Yield (APY) of 1,618% for staking PEPENODE tokens. Analysts predict a potential bullish push for Hedera price due to a bull flag formation on the daily price chart. A confirmed breakout above resistance could potentially lead to a measured move toward the $0.40 level, nearly doubling current prices.

The influx of buyers at the $0.22 support level provided liquidity that helped stabilize the token's price following a brief dip. On September 7, there was a sharp rise in institutional activity during the afternoon session, with trading volumes reaching 67.40 million units, more than double the 24-hour average of 27.33 million.

According to Coinglass data, the HBAR long-short ratio currently stands at 1.55, indicating more traders project a price rise ahead. The bull flag formation consists of a contracting wedge with converging highs and lows, indicating consolidation and a buildup of pressure ahead of a possible breakout.

The new deadline for the SEC's decision on Canary Capital's HBAR ETF is November 8, 2022. The delay in the decision could potentially impact the market sentiment for HBAR and other related cryptocurrencies. Stay tuned for more updates on this developing story.

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