HBAR Drops 6.68% as Trading Volume Surges Past 109 Million Tokens
HBAR has declined by 6.68% in the past 24 hours, dropping from $0.26 to $0.24. Trading volume exceeded 109 million tokens, nearly double the daily average. The sharpest decline occurred during overnight trading as sellers increased outflows, influenced by $460 million in liquidations and a rise in the U.S. Producer Price Index to 3.3%.
Despite the current weakness, analysts maintain a long-term bullish outlook for HBAR, targeting a range of $0.40 to $0.50. Traders are cautioned about possible volatility due to overheated market conditions and macroeconomic challenges.
Binance is integrating HBAR into its BNB Smart Chain to enhance cross-chain interoperability, facilitating smoother asset transfers and smart contract access. This development occurs as HBAR faces resistance, highlighting the tension between long-term growth potential and short-term market pressures.
Technical Metrics
- Trading range: $0.018, 6.93% of peak valuation.
- Resistance at $0.252 with multiple rejections.
- Support near $0.240 providing temporary stabilization.
- Volume surpassed 109 million tokens, compared to a 24-hour average of 58.5 million.
- Last 20 minutes showed market stagnation at $0.243 on low volume.
- Resistance around $0.245 during final trading hour.
- Provisional support identified at $0.242 before market stagnation.