HBAR traded in volatile range-bound action during the 24-hour period ending November 7th, falling from $0.1672 to $0.1634 for a decrease of 2.3%.
The greatest market activity took place at 17:00 UTC Friday, when volume rose to 108.8 million tokens – 46% above the 24-hour simple moving average of 74.6 million.
HBAR’s weak price action on Friday mirrors the broader market, with several tokens falling to multi-month lows amid a wave of selling pressure.
Hedera’s token has now reversed the entire uptrend back to July, signaling that the recent bullish market phase is over.
Natural profit-taking occurred near $0.164 on Friday, followed by four minutes of zero volume, suggesting a market break at this technical level. This development represents a potential new resistance zone that aligns with the upper limit of today’s extended trading range and negates the previous bearish consolidation thesis.
Key Technical Levels Signal Mixed Outlook for HBAR
Support/Resistance:
- Primary support is established at $0.1595-$0.1610 zone during the rejection phase
- Key resistance identified at $0.1662 level where recovery attempts fail
- New resistance emerges at $0.164 after late session breakout
Volume analysis:
- Top institutional activity at DKK 108.8 million. tokens (46% above 24-hour SMA)
- Late-session acceleration to 3.5M during breakout attempts
- Volume deceleration in closing times suggests consolidation potential
Chart Patterns:
- Range-bound consolidation with 5.6% daily volatility
- Failed breakout at $0.1662 resistance level
- Late session reversal cancels bearish consolidation pattern
Objectives and risk/reward:
- Immediate resistance at $0.164 after profit taking
- Upside target towards $0.1672 daily open if resistance breaks
- Downside risk to $0.1595 support if current level fails
Disclaimer: Parts of this article were generated with the help of AI tools and reviewed by our editorial staff to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI policy.
