HBAR Pulls Back Following Impressive Surge Due to Increased Selling Pressure

HBAR experienced significant selling pressure in the final hour of trading on Sept. 16, erasing earlier gains. The token decreased from $0.237 to $0.235 between 13:15 and 14:14 UTC, reflecting a 1.05% drop after reaching an intraday high of $0.2385. This change marked a reversal from the prior 23-hour period, during which HBAR had steadily climbed from $0.23 to $0.24.

The late-session selloff coincided with a spike in trading activity, particularly between 13:45 and 13:51 UTC, when volumes surged past 5.6 million—almost double the session’s baseline. This pattern implies institutional distribution, as the cryptocurrency broke through successive support levels at $0.237, $0.236, and ultimately $0.235. The failure to recover above these levels resulted in a weakening momentum as the session drew to a close.

Despite the sharp reversal, HBAR’s overall performance over the 23-hour period displayed underlying resilience. The token gained roughly 1% during this timeframe, trading within a broad range of $0.231 to $0.239 and demonstrating strong buying activity earlier on Sept. 16. However, its inability to maintain higher levels amidst concentrated selling pressure highlights the fragility of recent bullish sentiment.

Technical Indicators Display Mixed Market Signals

• HBAR traded within a $0.01 range between the $0.23 floor and the $0.24 ceiling, resulting in a total fluctuation of 3%.
• Key resistance emerged at the $0.24 mark, where the price reversed on high volume of 72.03 million during the 13:00 hour.
• Support was established around the $0.23-$0.23 zone, with multiple successful defense attempts.
• Volume increased significantly throughout the decline, especially during 13:45-13:51 when selling momentum surged with volumes exceeding 5.6 million.
• The technical configuration indicates that HBAR maintains bullish momentum, with substantial institutional interest reflected by above-average volumes during key reversal points.

Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team for accuracy and adherence to the standards of RialCenter.