HBAR Falls 1.7% as Key Support Break Sparks Selling
Hedera’s HBAR dropped 1.7%, moving from $0.1669 to $0.1697 after failing to break above $0.1716 resistance. The token traded within a $0.0089 range, reflecting 5.2% intraday swings, as buying momentum faltered.
Early support at $0.1633 briefly held, but the ascending trendline broke during a sharp afternoon selloff. Volume surged to 109.46 million tokens, 87% above the 24-hour average, coinciding with the rejection. A subsequent 4.72 million-token spike confirmed a breakdown below $0.170, signaling sustained selling pressure.
Technical patterns now suggest a distribution phase, likely driven by institutional selling rather than retail activity. Failed rebounds, declining highs, and high-volume breakdowns reinforce this bearish outlook. A brief trading halt from 14:14–14:17 UTC added uncertainty, with post-halt activity key to determining whether bearish momentum continues or stabilizes.
Technical Overview
- Resistance: $0.1716, confirmed by high-volume rejection.
- Trendline Support: Broken at $0.170.
- Base Support: $0.1633.
Volume:
- Peak: 109.46M tokens, 87% above SMA.
- Breakdown spike: 4.72M tokens, validating the support breach.
- Tapering volume toward close indicates weakening buying pressure.
Chart Patterns & Targets:
- Ascending channel failed after rejection above $0.171.
- Declining highs and invalidated higher lows signal distribution.
- Immediate downside target: $0.1633 support.
- Risk management: keep stops above $0.1716 for short-term bearish positions.
