HBAR declined 2.1% to $0.1837 during the session on Tuesday as the cryptocurrency faced rejection at key resistance levels near $0.1940.
The token initially posted modest gains of 1.09% to $0.1842, trading at volume 8.23% above its weekly average, before sellers emerged in the final hours.
The reversal pattern developed when HBAR tested the resistance around $0.1885 early in the session, then broke down through the consolidation support between $0.1840 and $0.1870.
Volume skyrocketed to 142.7 million tokens during the breakdown, marking a 95% increase above the 24-hour average of 73.2 million and confirming institutional selling pressure.
Since HBAR failed resistance and broke through consolidation zones, technical levels dominated the price action as volume patterns confirmed selling pressure. The 95% volume increase during the breakout from $0.1885 signaled an institutional distribution rather than retail profit taking.
Key technical levels indicate further weakness for HBAR
- Support/Resistance: Critical support remains at $0.1831 after multiple successful tests; The broken support at $0.1842 now acts as immediate resistance and the main resistance remains at the rejection level of $0.1940.
- Volume analysis: Breakout volume of 142.7 million shares exceeded the 24-hour SMA by 95%, confirming institutional selling; Elevated activity in marked distribution zone of $0.1885 resistance
- Chart Patterns: Pattern of lower highs from $0.1967 peak intact; The breakout of the $0.1840 to $0.1870 consolidation zone validates the bearish structure with momentum accelerating to the downside.
- Objectives and risk/reward: The next downside target is $0.1820 if the support at $0.1831 fails; recovery requires reclaiming broken support at $0.1842 and a sustained move above the consolidation high at $0.1870
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