HBAR Falls 1.7% to $0.170 as Support Level Weakens

Hedera’s HBAR token fell by 1.7% in the last 24 hours, dropping from $0.1669 to $0.1697 after failing to break above significant resistance. The movement took place within a volatile range of $0.0089, reflecting 5.2% intraday fluctuations as buyers struggled to hold their ground.

Initial support at the $0.1633 base was only temporary, as the token’s ascending trendline broke, indicating a weakening bullish trend.

A decisive change occurred around 13:00 UTC, when trading volume surged to 109.46 million tokens—87% above the 24-hour average—coinciding with a rejection near the $0.1716 resistance level. This spike signaled the beginning of sustained selling pressure, with an additional 4.72 million-token surge at 13:39 confirming a clean breakdown below $0.170 support.

Current technical indicators suggest a developing distribution phase instead of a short-term dip. Multiple failed rebounds, declining highs, and volume-driven breakdowns indicate institutional selling could be influencing this movement, in contrast to typical retail volatility patterns.

A short three-minute trading halt between 14:14 and 14:17 UTC, during which no volume was recorded, contributed to the uncertainty. How trading resumes following this pause will be critical in determining whether HBAR’s bearish sentiment deepens or if stability returns with increased liquidity.

Technical analysis

Support/Resistance:

• Primary resistance remains at $0.1716, following strong rejection on heavy volume.
• Ascending trendline support was breached at $0.170 during a sharp afternoon selloff.
• Base support is established at $0.1633 from overnight session lows.

Volume Analysis:

• Peak volume reached 109.46 million tokens, which is 87% above the 58.5 million SMA, confirming distribution.
• A notable breakdown volume spike to 4.72 million at 13:39 validated the technical failure.
• Volume contraction towards the close suggests exhausted buying pressure.

Chart Patterns:

• The ascending channel pattern failed following a rejected breakout attempt above $0.171.
• Multiple higher lows from the $0.1633 base were invalidated by the trendline breach.
• Distribution characteristics emerged due to declining highs and failed rebounds.

Targets & Risk/Reward:

• Immediate downside target is towards the $0.1633 support base following the breakdown.
• Risk management should stay above $0.1716 resistance for short-term bearish positioning.
• Resumption patterns following the trading halt are crucial for confirming directional momentum.

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.