Hedera’s native cryptocurrency, HBAR, is currently testing a significant support level at $0.23 after a decline of over 3% on Friday. The trading volume increased significantly, surpassing 80 million during critical trading periods on August 21.
Key Points:
- Current Situation: HBAR is grappling with a critical support level of $0.23. The price dropped over 3% recently, with resistance emerging around $0.24.
- Market Drivers: Positive news includes SWIFT’s blockchain payment trials that will utilize HBAR within its vast $150 trillion annual payments network beginning in November 2025. Additionally, speculation surrounding an exchange-traded fund linked to HBAR has intensified following Grayscale’s filing of trust documents.
- Institutional Engagement: There is a growing institutional interest, highlighted by trading volumes exceeding 80 million, indicating confidence in Hedera’s potential in the global payments landscape.
Despite recent selling pressure, several bullish factors are at play. With major trials in the pipeline and technological advantages, HBAR is set to maintain its relevance in the evolving financial ecosystem.
HBAR/USD Chart
Technical Analysis:
- The trading range fluctuates around $0.01, revealing 2.40% volatility between $0.24 and $0.23.
- Volume spikes past the 80 million mark signal possible trend reversals during peak trading times.
- Support is currently intact at $0.23 as resistance builds near $0.24.
