HBAR Experiences 6% Price Swing Amid Increased Institutional Activity
HBAR experienced notable price fluctuations between August 14 and 15, with a trading range of $0.015 (6% differential) from a high of $0.259 to a low of $0.244.
The token faced selling pressure, hitting $0.244 on August 14 before rising to $0.259 by the next morning. Trading volume surged to 65.56 million during this recovery, significantly above the daily average.
Key points include:
- Support established at $0.248-$0.249, where buying interest was consistent.
- Resistance formed at $0.255-$0.256 due to intensified selling.
- High volume during recovery suggested systematic accumulation.
- Pullback to $0.251 indicated profit-taking near resistance levels.
Broader market developments influenced HBAR's volatility. Grayscale filed for Delaware trust registrations for potential HBAR and Cardano spot ETFs, indicating growing institutional interest. Additionally, Binance expanded BNB Smart Chain functionality to incorporate HBAR and SUI, enhancing cross-chain transactions.
Technical Indicators Synopsis
- 6% trading range between $0.259 peak and $0.244 trough.
- Support at $0.248-$0.249 with systematic buying.
- Resistance at $0.255-$0.256 with substantial selling pressure.
- Volume reached 65.56 million during recovery peak.
- Breakdown below $0.252 support confirmed by high volume.
- Institutional distribution noted during 13:35-13:45 timeframe.