Hedera (HBAR) made headlines yesterday as it bucked the trend in the market by surging nearly 10%. The catalyst behind this surge was Nasdaq's filing of a 19b-4 form with the SEC to list Canary Capital’s proposed HBAR exchange-traded fund (ETF).

While the initial excitement led to a price increase, the momentum was short-lived. Within 24 hours, HBAR's price dropped by 7% as technical indicators signaled weakness in demand for the altcoin.

The hype surrounding the ETF listing seemed to fade quickly as HBAR's price dipped back down. Despite the temporary rally, the altcoin now faces continued bearish pressure, with indicators suggesting a potential further decline in price.

Nasdaq's move to seek approval for the Canary ETF initially boosted HBAR's price, but the lack of sustained demand has led to a correction. The current bearish sentiment is highlighted by indicators like the Balance of Power (BoP) and Chaikin Money Flow (CMF), both indicating a seller-controlled market.

With HBAR struggling to break above a descending trendline and facing resistance, the altcoin may continue to face downward pressure. However, a sudden surge in demand could potentially reverse this trend and propel HBAR's price upwards.

The crypto community eagerly awaits to see how HBAR navigates these challenging market conditions in the coming days.

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