HBAR Slides 1.7% as Key Support Break Sparks Selling
Hedera’s HBAR fell 1.7%, dropping from $0.1669 to $0.1697 after failing to break above resistance at $0.1716. The token traded within a $0.0089 range, reflecting 5.2% intraday swings as buyers struggled to maintain upward momentum.
Initial support at $0.1633 briefly held, but the ascending trendline was breached during a sharp afternoon selloff. Volume spiked to 109.46 million tokens, 87% above the 24-hour average, coinciding with rejection at resistance. A further 4.72 million-token surge confirmed the breakdown below $0.170, signaling sustained selling pressure.
Technical indicators point to a distribution phase rather than a short-term pullback. Repeated failed rebounds, declining highs, and volume-driven breakdowns suggest institutional selling, contrasting with retail-driven volatility patterns. A brief trading halt from 14:14–14:17 UTC added uncertainty; post-halt trading will be key to confirming whether bearish momentum continues or stabilizes.
Technical Overview:
- Resistance: $0.1716, confirmed by heavy-volume rejection.
- Trendline Support: Broken at $0.170.
- Base Support: $0.1633.
Volume Analysis:
- Peak volume: 109.46M tokens (+87% above SMA).
- Breakdown spike: 4.72M tokens, validating trendline breach.
- Volume contraction toward close indicates waning buying pressure.
Chart Patterns:
- Ascending channel failed at $0.171 resistance.
- Higher lows invalidated, signaling weakening structure.
- Declining highs and failed rebounds indicate distribution.
Targets & Risk:
- Immediate downside target: $0.1633 support.
- Risk management: maintain above $0.1716 for short-term bearish positioning.
- Monitoring post-halt trading is critical for assessing momentum.
