In a turbulent turn of events, the cryptocurrency HBAR experienced a significant decline over the past 24 hours, dropping 4.32% from $0.22 to $0.21. This downturn unfolded between September 3 at 15:00 and September 4 at 14:00, primarily driven by intensified selling pressure. Efforts to rebound were thwarted by a firm resistance level at $0.222, leading to a breakdown beneath the critical support zone of $0.212–$0.214.
Market activity was marked by heightened volatility, with a trading range of $0.011 reflecting a substantial 4.93% swing. The trading volume reached a dramatic peak of 179.34 million around 13:00, suggesting a capitulation as sellers overwhelmed buyers in the market.
The session witnessed particularly erratic trading between 13:30 and 14:29 on September 4 when HBAR momentarily surged from $0.213 to $0.216, backed by a volume increase of 42.37 million. However, this uptick was short-lived, as profit-taking actions rapidly reversed the gains and pushed the token back down to $0.213.
As the session progressed, the price established a new trading range between $0.212 and $0.214. Elevated trading activity persisted, maintaining a volume of 3 to 8 million per minute until around 14:10. By the end of the period, HBAR settled near $0.213 as trading volumes began to taper off, indicating a potential stabilizing phase.
These developments underscore the fragility of the market, exacerbated by a combination of technical breakdowns and broader macroeconomic factors. Despite recent regulatory advancements for Hedera, traders are on high alert for signs of stabilization before committing to long positions. The $0.212–$0.214 zone now stands as a critical area that will dictate short-term price action.
