“Hedera’s token faces selling pressure after a failed breakout near $0.1716, with technical patterns signaling potential institutional distribution.”, — write: www.coindesk.com
Early support at the $0.1633 base held briefly before the token’s ascending trendline gave way, signaling a weakening bullish structure.
The decisive shift came around 13:00 UTC, when trading volume surged to 109.46 million tokens—87% above the 24-hour average—coinciding with a rejection near the $0.1716 resistance level. That spike marked the start of sustained selling pressure, with a subsequent 4.72 million-token surge at 13:39 confirming a clean breakdown below $0.170 support.
Technical signals now point to a developing distribution phase rather than a short-term dip. Repeated failed rebounds, declining highs, and volume-driven breakdowns suggest institutional selling may be driving the move, contrasting with typical retail volatility patterns.
A brief three-minute trading halt between 14:14 and 14:17 UTC, during which no volume was recorded, added to uncertainty. How trading resumes around this pause will help determine whether HBAR’s bearish bias deepens or stabilizes if liquidity returns.
HBAR/USD (TradingView)
Technical analysisSupport/Resistance:
- Primary resistance holds at $0.1716, following strong rejection on heavy volume.
- Ascending trendline support was broken at $0.170 during a sharp afternoon selloff.
- Base support remains at $0.1633, established from overnight session lows.
Volume Analysis:
- Peak volume surged to 109.46M tokens, which is 87% above the 58.5M SMA, confirming distribution.
- A critical breakdown volume spike to 4.72M at 13:39 validated the technical failure.
- Volume contraction into the close suggests exhausted buying pressure.
Chart Patterns:
- The ascending channel pattern failed with a rejected breakout attempt above $0.171.
- Multiple higher lows from the $0.1633 base were invalidated by the trendline violation.
- Distribution characteristics emerged through declining highs and failed rebounds.
Targets & Risk/Reward:
- Immediate downside target is towards the $0.1633 support base following the breakdown.
- Risk management should remain above $0.1716 resistance for short-term bearish positioning.
- Trading halt resumption patterns are critical for confirming directional momentum.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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