HBAR Breaks Key Support as Bearish Sentiment Overpowers DeFi Momentum

Core Insights - HBAR experienced a significant decline of 2.5%, dropping from $0.1518 to $0.1480 after breaching a key support level, which led to increased selling pressure [1] - The trading volume surged to 168.9 million tokens, marking a 94% increase above the average, indicating heavy institutional distribution [1][5] - Despite optimism surrounding Hedera's Wrapped Bitcoin integration aimed at enhancing DeFi capabilities, technical indicators remain bearish, with a crucial support level established at $0.1457 [3] Support/Resistance Analysis - Primary support is now at $0.1457 following a surge in volume rejection [5] - Resistance remains near $0.1488 after a sharp rejection on elevated volume [5] - The range-bound consolidation between $0.1460 and $0.1530 has been broken to the downside [5] Volume Analysis - A peak trading volume of 168.9 million tokens was recorded, which is 94% above the 24-hour simple moving average (SMA), marking a key reversal point [5] - A 180% surge in volume was noted during the breakdown, confirming a distribution pattern [2][5] Chart Patterns - A descending channel pattern has been confirmed, characterized by a series of lower highs [2][5] - The steepest decline phase saw selling pressure peak at 6.2 million tokens [5] Targets & Risk Management - The next major support target is set at $0.1457, based on volume analysis [5] - A risk management level is identified at $0.1465, which corresponds to the recent steep decline low [5] - Upside resistance is noted at $0.1488, a zone that has proven to be a rejection point on elevated volume [5]