HBAR Slides 3% to Test $0.23 Support as Institutional Selling Escalates
Hedera Hashgraph’s HBAR token fell 3% over a turbulent 23-hour period between August 19 and August 20, sliding from $0.24 to $0.23 amid mounting selling pressure and broader uncertainty in digital asset markets.
The token traded within a tight $0.01 range, reflecting a 4% spread between the day’s high and low. Sellers intensified their presence near the $0.24 mark, where bullish momentum faded and resistance took hold.
The most notable activity occurred in the final hour of trading on August 20, when volume surged to 85.82 million HBAR. Between 13:45 and 14:06 UTC alone, over 3.8 million tokens changed hands, coinciding with the session’s sharpest drop.
Although prices briefly touched session lows near $0.23, late-day buying interest emerged to stabilize the market. HBAR ended the day just above its support, suggesting that while selling pressure remains elevated, short-term buyers are starting to defend key levels.
Technical Overview:
- Performance: HBAR declined 3% from $0.24 to $0.23 during the observed window.
- Trading Range: The $0.01 intraday spread reflected a 4% fluctuation between high and low.
- Resistance: Clear selling pressure at $0.24 with fading institutional bids.
- Support: $0.23 provided temporary price stability with modest retail accumulation.
- Volume Spike: 85.82 million HBAR traded in the final hour; peak selling saw 3.8 million tokens exchanged in just 21 minutes.
- Market Context: The sell-off reflects continued institutional unwinding amid sector-wide caution.
Despite underlying developments in the Hedera ecosystem, including strategic partnerships and infrastructure upgrades, HBAR remains exposed to broader market volatility and shifting sentiment among larger holders. Whether $0.23 holds as a base may determine near-term momentum.
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