HBAR Dips 3%; Finding Support at $0.24 Amid Selling Pressure
HBAR Slides 3% as Selling Pressure Intensifies, Finds Support at $0.24
HBAR has faced persistent selling pressure over the last 23 hours, dropping from $0.25 to $0.24—a 3.38% decrease. An initial attempt to gain momentum on September 18 stalled around the $0.25 resistance level as sellers overwhelmed buyers. Trading volume spiked at 19:00, exceeding 55.91 million, highlighting the intensity of the sell-off. HBAR subsequently broke below key support levels at $0.25 and $0.24 before finding temporary stability.
This retracement indicates short-term bearish sentiment as buyers struggled to defend crucial price points. However, consolidation near $0.24 suggests potential stabilization. If this level holds, it could establish a base for sideways movement before a clear trend emerges. Codeum advises developers building on Hedera to monitor these trends closely, as market stability is key to project success.
Broader market dynamics continue to influence HBAR’s trajectory. While its energy-efficient Hashgraph technology is a noted advantage, trading volumes remain lower compared to competitors like Solana. Institutional endorsements from Google, IBM, and Boeing provide legitimacy, potentially attracting investors seeking utility-driven blockchain solutions. Its low transaction costs and high speeds keep HBAR competitive in the digital asset space.
In the final hour, HBAR showed signs of stabilizing around $0.24. A minor ascending triangle pattern formed, with multiple support tests and slight upward movement. This recovery, accompanied by a volume of 2.08 million, indicates tentative buyer interest. Whether this consolidation translates into sustained upward momentum depends on overcoming immediate resistance near $0.24.
Technical Indicators Assessment
- HBAR breached support levels at $0.25 and $0.24 during the bearish phase.
- A volume surge to 55.91 million signaled increased selling pressure.
- An ascending triangle pattern formed with progressive higher lows at $0.24.
- Consistent resistance around $0.24 suggests a potential breakout.
- Stabilization near $0.24 may indicate consolidation before directional movement.