HBAR trades in volatile action over the 24-hour period ending November 7, falling from $0.1672 to $0.1634 for a 2.3% decline.
The most significant market activity occurred at 17:00 UTC on Friday, when volume advanced to 108.8 million tokens – 46% above the 24-hour simple moving average of 74.6 million.
Friday’s HBAR price action mirrored the broader market, with many tokens falling to multi-month lows amid a wave of selling pressure.
Hedera’s token has once again returned to the full uptrend since July, signaling that the recent phase of the bullish market is over.
Natural profit taking occurred near $0.164 on Friday, with the subsequent four minutes of zero volume suggesting a pause in the market at this technical level. This development represents a potential new resistance zone that aligns with the upper boundary of the extended day trading range and negates the earlier consolidation thesis.
The main technical levels are mixed with mixed views for HBAR
Support/Resistance:
- The main support is establishing in the $0.1595-$0.1610 zone during the decline phase
- The main resistance was identified at the $0.1662 level where the recovery attempt failed
- New resistance appeared at $0.164 following the breakout of the latter
Quantitative Assessment:
- Peak Institutional Activity at 108.8m Tokens (46% above 24-hour SMA)
- Late-session acceleration to 3.5m during breakout attempt
- The amount of deceleration in closing times suggests a potential merger
Chart patterns:
- Range-bound consolidation with 5.6% daily volatility
- Failed breakout at $0.1662 resistance level
- The late-session reversal negates the bearish consolidation pattern
Targets and Risk/Reward:
- Immediate resistance at $0.164 following profit taking
- Reverse target towards $0.1672 daily open if resistance is broken
- Downside risk at $0.1595 Support if the current level fails to hold
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