HBAR cryptocurrency experienced significant selling pressure on October 3, with momentum accelerating during the final trading hour. After briefly touching $0.224, the digital asset declined to $0.222, breaking through crucial support levels and closing the session with a 0.9% loss.
The most substantial decline occurred between 13:50 and 14:00 UTC, when trading volumes surged above 3 million tokens, indicating institutional distribution and panic-induced selling activity. Repeated unsuccessful attempts to reclaim the $0.224 price level have left HBAR exposed to additional downward movement toward $0.220.
Throughout the broader 23-hour timeframe from October 2 to October 3, HBAR declined 3.6% from $0.23 to $0.22 amid elevated trading volume of 51.3 million tokens, highlighting substantial institutional involvement in the selloff.
Despite current bearish conditions, market attention remains focused on potential SEC approval of spot cryptocurrency ETFs in November. With support from governing council members including Google and IBM, Hedera Hashgraph could experience positive momentum from regulatory approvals even as technical indicators suggest continued selling pressure.
Technical Analysis Confirms Bearish Momentum
- HBAR established a clear downward trajectory after reaching its peak at $0.23 on October 2 at 19:00 UTC, with resistance solidifying at the $0.23 level where price reversals occurred during multiple trading sessions
- Critical support formed at $0.23 around midnight on October 3, followed by additional support near $0.22, though both levels showed vulnerability under persistent selling pressure
- Trading volume patterns showed increased activity during the initial decline and subsequently during the 13:00 UTC session on October 3 with 51.3 million volume, confirming institutional participation in the bearish movement
- Technical deterioration worsened during the final trading hour as HBAR failed to sustain recovery attempts above the $0.22 resistance level, confirming the breakdown of key support thresholds
- Substantial volume spikes exceeding 3 million and 2.5 million tokens during the 13:50-14:00 UTC window aligned with intense selling pressure, demonstrating institutional distribution and fear-based selling activity