HBAR retreated 2.2% during Thursday’s session as technical selling overwhelmed emerging ETF speculation. The token decisively broke below the $0.1380 support on volume that peaked at 47% above the daily average of 35.5 million tokens.
The collapse accelerated around 09:00 GMT when 52.21 million tokens changed hands. The bears drove prices to session lows near $0.1367 before momentum stalled.
The recent price action shows that HBAR is testing critical support levels of $0.1354. The token briefly pierced this floor with volume of 2.37 million before recovering to current levels of around $0.1361. Technical indicators point to oversold conditions, but bearish momentum persists as traders await clearer directional signals.
Bearish technicals contrast with fundamental developments in light of growing interest around Canary Capital Group’s HBAR ETF. Institutional product launches typically drive structural demand over longer periods of time. Short-term price action remains dominated by technical factors as traders weigh oversold conditions against established bearish momentum.
Key technical levels signal caution for HBAR
Support/resistance analysis:
- Primary support remains at $0.1354 after a successful defense during the session lows.
- The resistance cluster forms between $0.1380 and $0.1391 from broken support levels.
- Immediate consolidation floor established at the $0.1357 support zone.
Volume analysis:
- The breakdown volume of 52.21 million confirms a technical failure with an increase of 47% above average.
- The drop in volume at the end of the session suggests an exhaustion of sales near current levels.
- Recent hourly periods show gaps in data that indicate potential reporting issues.
Chart Patterns:
- The established bearish trend shows successive lower highs throughout the session.
- Range trading arises between the limits of $0.1354-$0.1380.
- Oversold bounce potential develops from the test low of $0.1354.
Risk/reward assessment:
- The resistance target stands at $0.1380 for any technical recovery attempts.
- Failure of support below $0.1354 opens deeper retracement scenarios.
- The current positioning above $0.1357 offers defensive entry for contrarian plays.
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.
