HBAR Faces Selling Pressure: Key Support Levels Tested
HBAR Under Pressure as Traders Watch Key Levels
Hedera's HBAR token saw significant selling activity in the last 24 hours, dropping 5% from $0.24 to $0.23. The sell-off occurred amidst increased trading volume as market participants tested critical support levels.
Significant Selling Volume
The most pronounced decline occurred early Wednesday, with over 277 million HBAR tokens changing hands between 06:00 and 09:00 UTC. This surge in volume pushed the price below the $0.235 support, briefly reaching lows near $0.226. While buyers emerged at these levels, attempts to reclaim the $0.235–$0.241 range met resistance.
Support and Resistance Levels
Selling pressure intensified later, marked by a one-hour drop from $0.229 to $0.226. Trading spikes at 13:30 and shortly after 14:00 UTC drove the token down to $0.2245 before a minor rebound. This recovery stalled at $0.227–$0.229, leaving HBAR just above newly established support at $0.225.
Regulatory Context
This turbulence coincides with new guidance from the U.S. Commodity Futures Trading Commission (CFTC), which now allows U.S. traders access to offshore crypto markets via its Foreign Board of Trade advisory. Some analysts believe this could inject fresh liquidity into digital assets, potentially benefiting mid-cap tokens like HBAR. This regulatory shift could be a catalyst as institutional interest focuses on undervalued areas within decentralized finance.
Technical Outlook
The immediate technical outlook for HBAR remains uncertain. While the token is holding above the $0.226 support area, significant resistance persists on any upward attempts. With the price hovering near $0.23, traders are closely monitoring whether the recent CFTC guidance can offset near-term bearish pressures and drive renewed demand for HBAR.
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