Asset Manager Canary Capital has filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tied to Axelar (AXL).

This marks the first-ever filing for AXL, the native cryptocurrency that powers the Axelar Network, setting the stage for the token’s institutional adoption.

Canary Capital Files for AXL ETF

The filing, which was submitted on March 5, outlines that the fund’s net asset value (NAV) will be calculated based on the price of AXL. However, specifics regarding the exchange where the ETF will be listed, its ticker symbol, and the custodian remain unspecified.

The proposed ETF builds on Canary Capital’s earlier efforts to bring Axelar to institutional investors. On February 19, the firm launched the Canary AXL Trust. The trust was Canary Capital’s first step into structured AXL offerings, and the ETF filing represents an extension of this effort.

“With Axelar driving some of the most advanced interoperability solutions in Web3, we see in AXL a significant opportunity for institutional investors to gain exposure to the technology underpinning next-generation blockchain connectivity,” Canary Capital’s CEO Steven McClurg said.

The news of the filing had an immediate impact on the market. AXL’s price jumped 14.3%, reaching $0.44.

Trading volume also spiked to $35.7 million. This marked a 131.8% increase from the previous day. With a market capitalization of $405.5 million, Axelar currently ranks 174 on CoinGecko.

Crypto ETFs Under Donald Trump: Opportunity or Bubble? 

Canary Capital’s filing comes amid a broader surge in cryptocurrency ETF applications in the US, a trend that has accelerated since Donald Trump took office. According to Kaiko Research, more than 45 crypto ETF filings are currently pending SEC approval. 

While Bitcoin (BTC) and Ethereum (ETH) ETFs have dominated the space, the scope has expanded to include unconventional assets like meme coins. Bitwise and Grayscale have filed for a Dogecoin (DOGE) ETF. 

Moreover, the ETF filings from Rex Shares and Tuttle Capital feature newly launched meme coins like Official Trump (TRUMP) and Melania Meme (MELANIA).

Nonetheless, according to Kaiko Research, market depth, concentration, and trading structure present significant obstacles for non-BTC/ETH ETFs. Many altcoins associated with ETF applications suffer from shallow liquidity, making them more susceptible to price manipulation and volatility. 

Additionally, most trading activity for these assets occurs on offshore platforms, creating transparency and regulatory oversight issues. The lack of sufficient USD trading pairs for certain assets further complicates their inclusion in ETFs, as these pairs are essential for accurate ETF valuations. Furthermore, the absence of regulated futures markets for many cryptocurrencies limits available trading strategies.

“All of these factors could limit the demand for more crypto-related ETFs going forward. While approval processes might change, market dynamics still have to catch up,” Kaiko noted.

For now, AXL has been added to a growing list of crypto ETF filings. However, its success—and that of similar ETFs—remains to be seen.

Ethereum price started a recovery wave from the $2,000 support zone. ETH is now rising and might aim for a move above the $2,350 resistance zone.

• Ethereum started a fresh upward move above the $2,220 support zone.
• The price is trading above $2,220 and the 100-hourly Simple Moving Average.
• There is a key rising channel forming with support at $2,200 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair must clear the $2,275 and $2,350 resistance levels to start a decent increase.

Ethereum Price Eyes A Comeback

Ethereum price started a fresh decline below the $2,350 zone, like Bitcoin. ETH gained bearish momentum below the $2,220 and $2,250 support levels.

A low was formed at $2,003 and the price is now attempting a recovery wave. There was a move above the $2,150 and $2,200 resistance levels. It even tested the 50% Fib retracement level of the downward move from the $2,550 swing high to the $2,003 low.

Ethereum price is now trading above $2,200 and the 100-hourly Simple Moving Average. There is also a key rising channel forming with support at $2,200 on the hourly chart of ETH/USD. On the upside, the price seems to be facing hurdles near the $2,275 level.

The first major resistance is near the $2,340 level and the 61.8% Fib retracement level of the downward move from the $2,550 swing high to the $2,003 low. A clear move above the $2,340 resistance might send the price toward the $2,420 resistance.

An upside break above the $2,420 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,500 resistance zone or even $2,550 in the near term.

Another Drop In ETH?

If Ethereum fails to clear the $2,275 resistance, it could start another decline. Initial support on the downside is near the $2,240 level. The first major support sits near the $2,220 zone.

A clear move below the $2,130 support might push the price toward the $2,080 support. Any more losses might send the price toward the $2,050 support level in the near term. The next key support sits at $2,000.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,220

Major Resistance Level – $2,275

Hedera (HBAR) has surged more than 6% in the last 24 hours, bringing its market cap to $10.6 billion. With its price up nearly 30% over the past week, HBAR stands out as one of the top-performing altcoins among the largest in the market.

This strong rally has pushed key technical indicators into bullish territory, with BBTrend reaching its highest level in over a month and the Ichimoku Cloud structure showing sustained upward momentum. If HBAR maintains this strength, it could soon test critical resistance levels, with the potential to surpass $0.35 in March.

Hedera BBTrend Is On Its Highest Levels In More Than a Month

Hedera BBTrend is currently at 18.15, maintaining a positive stance for over a day. Earlier today, it reached a peak of 21.3, marking its highest level since late January.

While it has pulled back slightly from that peak, the indicator remains elevated, suggesting that the recent uptrend is still intact.

This sustained positivity in BBTrend indicates strong directional momentum in HBAR’s price action, aligning with broader market trends.

BBTrend, or Bollinger Band Trend, is a technical indicator that measures trend strength based on the relationship between price and Bollinger Bands. When BBTrend is positive, it suggests that the price is trading in the upper portion of the Bollinger Bands, often signaling an ongoing bullish trend.

In HBAR’s case, the current level of 18.15 – while lower than its earlier peak of 21.3 – still reflects a strong upward bias. If this trend remains elevated, it could indicate continued bullish momentum for HBAR, but the slight pullback from 21.3 suggests some moderation in buying pressure.

Whether this leads to consolidation or further upside will depend on market follow-through and broader sentiment shifts.

HBAR Ichimoku Cloud Shows a Bullish Setup

According to the Ichimoku Cloud, Hedera is currently positioned in a bullish structure. The price is trending above the blue conversion line and the red baseline, indicating short-term bullish momentum.

The green leading span A is sloping upward, while the orange leading span B remains relatively steady, forming an ascending cloud that suggests growing support. Additionally, the lagging span (green line) is above the price from 26 periods ago, reinforcing the strength of the ongoing trend.

However, the price is consolidating just above the red baseline, signaling a potential decision point between continuation or a short-term pullback.

The Ichimoku Cloud provides a multi-faceted view of trend direction and key support-resistance zones. When the price is above the cloud, it signals a dominant bullish trend, while movement below would indicate a shift in sentiment.

The current positioning above both the blue conversion line and red baseline suggests that bullish momentum is intact. If the price maintains this structure, further upside could be expected, especially as the green leading span A continues to rise.

However, a drop below the red baseline would indicate weakening momentum, potentially leading to a test of the cloud’s support region. The thickness of the cloud ahead suggests a moderate support zone, meaning any pullback would face resistance before shifting the overall trend.

Hedera (HBAR) Could Surpass $0.35 In March

Hedera EMA lines indicate a bullish trend, with a golden cross forming yesterday and the possibility of another one soon. A golden cross occurs when a shorter-term EMA crosses above a longer-term EMA, signaling strong upward momentum.

If this setup continues, HBAR could test the next resistance at $0.28. A breakout above this level could open the path for a move toward $0.322.

If buying pressure intensifies and Hedera price regains the strong uptrend seen in previous months, it could push further to test $0.35 and $0.37. In an extended rally, HBAR might even rise above $0.40 for the first time since November 2021, marking a significant recovery.

On the other hand, if the uptrend fails to materialize, HBAR could face a retest of the $0.24 support level.

Losing this support would indicate a weakening structure, potentially leading to a decline toward $0.213.

If bearish momentum intensifies and buying interest does not return, Hedera could drop further to $0.177, testing deeper support zones.