HBAR Token Drops 5% Amid High Trading Volume and Selling Pressure

Market Overview of Hedera's HBAR Token

The HBAR token experienced a significant selloff, declining 5% from $0.24 to $0.23 in the last 24 hours. Key events include:

Over 277 million tokens traded between 06:00 and 09:00 UTC, leading to a drop below the $0.235 support level.
Price briefly hit lows near $0.226 before stabilizing as buyers entered the market.
Subsequent trading sessions saw further pressure, with a decline to $0.2245 before a modest rebound.
Current price is around $0.23, facing resistance between $0.235 and $0.241.

Additionally, a recent regulatory update from the Commodity Futures Trading Commission (CFTC) allows U.S. traders access to offshore crypto markets, potentially increasing liquidity for digital assets, including HBAR.

Technical Analysis Summary

Peak selling volume reached 277.89 million, establishing strong resistance at $0.235.
Support levels noted at $0.226-$0.228 due to buying interest during declines.
Resistance remains firm at $0.235-$0.241.
A make-or-break support zone established at $0.2245-$0.225 following intense selling.
Reduced volume during recovery attempts indicates possible consolidation.

HBAR/USD (TradingView)