Hedera’s HBAR token has slipped 1.7% over the past 24 hours, retreating from $0.1669 to $0.1697 after a failed breakout attempt above key resistance. The move unfolded within the volatile $0.0089 range, reflecting a 5.2% intraday swing as buyers struggled to maintain momentum.
The initial support based at $0.1633 held for some time before giving way to the coin’s ascending trend line, indicating a weakening of the bullish structure.
The decisive turnaround came around 13:00 UTC, when trading volume surged to 109.46 million tokens – 87% higher than the 24-hour average – which coincided with rejection near the $0.1716 resistance level. That surge marked the beginning of sustained selling pressure, followed by a 4.72-million-token increase at 13:39, confirming a clear break below the $0.170 support.
Technical signals now point towards a developing delivery phase rather than a short-term decline. Repeated failed bounces, falling highs and volume-driven breakdowns suggest that institutional selling is driving the move, which is contrary to the usual retail volatility pattern.
A brief three-minute trading halt between 14:14 and 14:17 UTC, during which no volume was recorded, added to the uncertainty. How trading resumes around this pause will help determine whether HBAR’s bearish bias deepens or stabilizes as liquidity returns.
technical analysis
Support/Resistance:
- The primary resistance remains at $0.1716 after a massive rejection in heavy volume.
- The ascending trendline support at $0.170 was broken during a sharp afternoon selloff.
- Base support remains at $0.1633, established from overnight session lows.
Volume Analysis:
- Peak volume increased to 109.46M tokens, which is 87% above the 58.5M SMA, confirming the delivery.
- Technical failure was confirmed as critical breakdown volume increased to 4.72M at 13:39.
- Volume contraction at expiration suggests that buying pressure has ended.
Chart Pattern:
- The ascending channel pattern failed with a rejected breakout attempt above $0.171.
- Several higher lows from the $0.1633 base were invalidated due to a trendline violation.
- Distribution characteristics emerged through declining highs and a failed rebound.
Goals and Risk/Reward:
- The immediate downside target after the breakdown is towards the support base at $0.1633.
- Risk management should remain above the $0.1716 resistance for a short-term bearish scenario.
- Trading halt and restart patterns are important for confirming directional momentum.
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial team to ensure accuracy and compliance Our standards. For more information see CoinDesk’s full AI policy.