HBAR declined by 2.2% in Thursday’s trading session as technical selling overshadowed new ETF speculation. The token fell decisively below the $0.1380 support level, with trading volume reaching 47% above the daily average of 35.5 million tokens.
The drop accelerated around 09:00 GMT when 52.21 million tokens were traded. Bears pushed the price down to session lows of approximately $0.1367 before momentum stalled.
Recent trading indicates HBAR is testing the crucial support level at $0.1354. The token briefly broke this threshold on a volume of 2.37 million before bouncing back to around $0.1361. Technical indicators suggest oversold conditions, but bearish momentum continues as traders look for clearer signals.
This bearish technical outlook contrasts with the fundamental backdrop, given the increasing interest surrounding Canary Capital Group’s HBAR ETF. Institutional product launches often stimulate structural demand over longer periods. In the short term, price movements are primarily influenced by technical factors as traders evaluate oversold conditions against a prevailing downtrend.
Key Technical Levels Signal Caution for HBAR
Support/Resistance Analysis:
- Primary support remains at $0.1354 after effective defense during session lows.
- Resistance cluster formed between $0.1380-$0.1391 from previously broken support levels.
- Immediate consolidation floor established at the $0.1357 support zone.
Volume Analysis:
- Breakdown volume of 52.21 million confirms technical failure with a 47% increase above average.
- Volume decline in the late session suggests selling fatigue near current levels.
- Recent hourly periods show data gaps indicating possible reporting complications.
Chart Patterns:
- Established downtrend features successive lower highs throughout the session.
- Range-bound trading has emerged between the $0.1354-$0.1380 boundaries.
- Potential for an oversold bounce develops from testing the $0.1354 low.
Risk/Reward Assessment:
- Resistance target remains at $0.1380 for any technical recovery efforts.
- Failure to hold support below $0.1354 opens possibilities for deeper retracement.
- Current positions above $0.1357 present a defensive entry for contrarian strategies.
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.
