HBAR Drops 3.6% Amid Institutional Selling Pressure
HBAR experienced significant selling pressure on October 3, particularly in the last trading hour. The token's price dropped from $0.224 to $0.222, breaking key support and ending the session down by 0.9%.
- The most notable decline occurred between 13:50 and 14:00 with trading volumes exceeding 3 million, indicating institutional distribution.
- Over a broader 23-hour window, HBAR fell 3.6% from $0.23 to $0.22, with total volume reaching 51.3 million, highlighting heavy institutional involvement.
- Failure to reclaim $0.224 suggests potential further decline towards $0.220.
Technical Metrics Indicate Ongoing Weakness
- HBAR showed a downward trajectory after peaking at $0.23 on October 2, facing resistance at this level.
- Support levels at $0.23 and $0.22 proved vulnerable under persistent selling pressure.
- Volume surged notably during the initial drop and again around 13:00 on October 3, signaling strong institutional bearish activity.
- The final trading hour saw intensified technical deterioration as HBAR struggled to maintain recovery above the $0.22 resistance threshold.
- Significant volume spikes during the 13:50-14:00 timeframe pointed to institutional distribution and panic-driven selling.
Despite current market weakness, attention is on a potential SEC decision in November regarding spot crypto ETFs. Hedera's association with companies like Google and IBM might benefit from regulatory approval, even as technical indicators show ongoing pressure.