On Sept. 16, HBAR experienced intense selling pressure in the last hour of trading, wiping out earlier gains. The token dropped from $0.237 to $0.235 between 13:15 and 14:14 UTC, reflecting a 1.05% decrease after reaching an intraday high of $0.2385. This decline reversed the trend observed in the previous 23 hours, during which HBAR had steadily risen from $0.23 to $0.24.
The selloff in the late session was accompanied by a surge in trading activity, especially between 13:45 and 13:51 UTC, when volumes soared past 5.6 million—almost double the session’s baseline. This pattern suggests institutional distribution as the cryptocurrency penetrated successive support levels at $0.237, $0.236, and ultimately $0.235. The failure to reclaim these levels caused momentum to deteriorate towards the close.
Despite the sudden reversal, HBAR’s overall 23-hour performance demonstrated underlying strength. The token increased by roughly 1% during that time, trading within a broad range of $0.231 to $0.239 and exhibiting strong buying activity earlier on Sept. 16. However, the inability to maintain higher levels amid concentrated selling pressure highlights the weakness of recent bullish sentiment.
Technical Indicators Display Mixed Market Signals
- HBAR fluctuated within a $0.01 range, bouncing between a $0.23 floor and a $0.24 ceiling, resulting in a total fluctuation of 3%.
- Notable resistance emerged at the $0.24 level, where price reversed on heightened volume of 72.03 million during the 13:00 hour.
- Support was established around the $0.23-$0.23 zone with several successful defense efforts.
- Volume significantly increased during the decline, particularly from 13:45-13:51, as selling momentum escalated with volumes exceeding 5.6 million.
- The technical setup suggests HBAR maintains bullish momentum, with considerable institutional interest shown by above-average volume at critical reversal points.
Disclaimer: Parts of this article were generated with the assistance from 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.
