Hedera’s native token, HBAR, decreased by 3.25% to $0.1925 in the 24 hours leading up to October 30, despite the introduction of its first U.S.-listed exchange-traded fund.
This decline followed the launch of Canary Capital’s spot HBAR ETF on the Nasdaq, marking a significant event for non-Bitcoin digital assets.
Initially, the token surged over 25% post-announcement, but excitement waned quickly as investors began to take profits. The ETF, trading under the ticker HBR, saw approximately $8 million in volume on its first day, highlighting substantial institutional interest despite short-term price declines.
Although the ETF represented a regulatory achievement for Hedera, technical aspects overshadowed the underlying fundamentals. HBAR plunged through crucial support levels, solidifying bearish momentum and stimulating increased selling pressure.
Market data indicates that the downturn was part of a larger trend of controlled selling across digital assets. Heightened trading volumes, nearly 20% above average, suggest that major players may have intended to lock in gains from the ETF-induced rally.
Key Technical Levels Indicate Ongoing Pressure for HBAR
Support/Resistance
- Critical support at $0.2040 was breached during the 24-hour timeframe.
- New resistance established in the $0.2070–$0.2080 range after several rejections.
Volume Analysis
- Intense selling pressure with 261.2M tokens traded, 87% above the 24-hour average.
- The most significant trading volume occurred on 30 October at 04:00 when the price breached key technical thresholds.
Chart Patterns
- A bearish trend emerged with successive lower highs from the $0.2114 summit.
- Total fluctuation of $0.0203 (9.9%); the price dropped from $0.194 to $0.192 amidst considerable volume spikes.
Targets & Risk/Reward
- Analysis over a 60-minute span suggests potential further downturn towards $0.190.
- Momentum indicators reveal significantly oversold conditions, validating increased institutional selling.
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.
