HBAR Experiences Significant Sell-off as Traders Explore Crucial Support Levels
HBAR faced a 5% drop in just 24 hours due to intense selling pressure that tested critical support levels, while a new CFTC advisory suggests new trading opportunities for American crypto investors.
Key Highlights
- HBAR dropped from $0.24 to $0.23, with trading volumes peaking at 277 million during the heaviest sell-off.
- The critical support emerged near $0.226, but recovery attempts faced resistance at $0.235–$0.241.
- A new CFTC rule allowing offshore trading access could enhance liquidity for assets like HBAR.
Market Analysis
Hedera’s HBAR token has experienced a drastic sell-off in the last 24 hours, tumbling 5% from $0.24 down to $0.23, largely due to traders offloading their positions in significant quantities. The most notable drop occurred early on Wednesday when over 277 million tokens changed hands from 06:00 to 09:00 UTC, pushing prices below the critical $0.235 support line, leading to a temporary decline to $0.226. Buyers entered the market at these lower price points, aiding in HBAR’s stabilization. However, recovery attempts faced strong resistance around $0.235–$0.241.
The selling trend persisted as trading activity surged at 13:30, reaching a low of $0.2245 before a slight rebound occurred. Unfortunately, this bounce stalled between $0.227 and $0.229, maintaining HBAR above the newly established support at $0.225.
The environment remains volatile amid a key regulatory announcement from the CFTC. They have issued new guidance permitting U.S. traders to access offshore crypto markets, opening potential new liquidity channels for various digital assets, including mid-cap tokens like HBAR. As the technical landscape appears delicate, traders are closely monitoring whether this regulatory shift can provide the necessary momentum to counteract current bearish pressures and revive interest in the token.
Supporting Images
HBAR Chart
HBAR/USD
Summary of Technical Indicators
- Volume reached 277.89 million during peak selling, indicating robust resistance at $0.235.
- Support established between $0.226-$0.228 as buying interest stabilized the market.
- Resistance remains strong in the $0.235-$0.241 range, hindering previous recovery attempts.
- A crucial support zone has formed at $0.2245-$0.225 post sell-off.
- Diminished volume during recovery signs indicates potential consolidation.
Disclaimer: Parts of this article were generated with AI assistance and reviewed for accuracy.
