HBAR Token Declines 12% Despite Wyoming Stablecoin Endorsement
Hedera's HBAR token initially rose 6% from $0.21 to $0.22 but faced significant sell pressure, erasing gains and breaking critical support levels. The trading volume during this period doubled to 77.6 million tokens.
In the final trading hour, HBAR dropped back to $0.22, breaking support at 14:16 UTC. This triggered stop-loss orders and accelerated institutional liquidations, with a volume spike to 6 million tokens in just two minutes.
Despite Hedera being named the exclusive candidate for Wyoming’s Frontier Stable Token (FRNT), markets largely ignored this development. Over the past month, HBAR has declined by 12%, with on-chain data indicating a 55% drop in social dominance to 0.74%. The Smart Money Index also fell to 1.108, suggesting reduced exposure from institutional traders. The next major support level is now at $0.19.
Trading Data Points to Continued Weakness
- Support holds at $0.21 with early-session volume confirmation
- Resistance emerges at $0.22 as selling pressure intensifies above 77.6 million volume
- Multiple support breaks at $0.22 before temporary stabilization
- Two-minute volume surge to 6 million signals institutional selling during 14:17-14:18 window
- Social metrics drop 55% to 0.74% showing retail exodus
- Smart Money Index at 1.108 confirms professional trader retreat
- Key $0.19 support threatened by accelerating selling pressure