HBAR is trading in a volatile range-bound stock over the 24-hour period ending Nov. 7, falling from $0.1672 to $0.1634 for a drop of 2.3%.
The most significant market activity occurred at 17:00 UTC on Friday, when volume increased to 108.8 million tokens, 46% above the 24-hour simple moving average of 74.6 million.
HBAR’s lackluster price action on Friday reflects the broader market, with several tokens falling to multi-month lows amid a wave of selling pressure.
Hedera token has now retraced the entire uptrend dating back to July, indicating that the market’s recent bull phase is over.
Natural profit taking occurred near $0.164 on Friday, and the following four minutes of zero volume suggested a market pause at this technical level. This development represents a new potential resistance zone that aligns with the upper limit of the day’s extended trading range and negates the previous bearish consolidation thesis.
Key technical levels indicate mixed outlook for HBAR
Support/Resistance:
- Primary support is established at $0.1595-$0.1610 zone during the decline phase
- Key resistance identified at $0.1662 level where recovery attempt fails
- New resistance emerges at $0.164 after late session breakout
Volume analysis:
- Peak institutional activity at 108.8 million tokens (46% above 24-hour SMA)
- Acceleration at the end of the session to 3.5 million during the escape attempt
- Slowing Volume in Closing Hours Suggests Potential for Consolidation
Chart Patterns:
- Consolidation within the range with daily volatility of 5.6%
- Failed breakout at the $0.1662 resistance level
- Last-minute reversal negates bearish consolidation pattern
Objectives and risk/reward:
- Immediate resistance at $0.164 after profit taking
- Bullish target towards $0.1672 at daily open if resistance is broken
- Risk of downside to the support of $0.1595 if the current level does not hold
Disclaimer: Portions of this article were generated with the help of artificial intelligence tools and were reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see CoinDesk’s full AI Policy.
