Hedera (HBAR) experienced a 2.6% drop this November 6th, bringing its price to $0.1691. However, the session’s most significant move was a technical test of the HBAR support at $0.1688. This price level not only halted the decline. It attracted unusually high trading volume, suggesting strong accumulation activity, according to market sources.
The specific pullback was $0.0045, from an intraday high of $0.1736 to the low of $0.1691. The bearish candle eventually tested the exact floor at $0.1688. In that precise stretch, volume spiked 32% above the daily average, reaching 63.6 million HBAR tokens. This pattern of high trading in a known demand zone suggests targeted accumulation by large players, rather than disorganized retail selling.
The relevance of this event lies in the technical confirmation of demand. This rebound validates the $0.1688 area as a critical floor for the asset. Technically, analysts note that the asset formed a confirmed double bottom at that precise level. Added to this, HBAR has recently been showing a series of higher lows. These are early signs of a potential trend change, provided that buying pressure can be sustained in the coming sessions.
Are ETFs positioning themselves for a new HBAR impulse?
Institutional interest appears to be the engine behind this accumulation. Furthermore, while major Bitcoin and Ethereum ETFs were showing capital outflows, a specific fund referred to as the Canary HBAR ETF was in full accumulation mode. Market sources indicate this vehicle increased its holdings by approximately 172 million HBAR. This figure represents a value close to $34 million.
This structured demand, which ignores the short-term bearish trend, reinforces the strength of the HBAR support at $0.1688. The token’s overall economy, with 42 billion in circulation out of a 50 billion maximum, is also a factor in long-term projections.
In the short term, immediate resistance remains at $0.1770. This level has acted as a ceiling that limited any broader recovery during the session. The immediate technical target for buyers is set between $0.1720 and $0.1730. However, to confirm a real trend change, the price must break the supply stiffness at $0.1770. The stability of these institutional flows will dictate the validity of the recovery attempt. For traders seeking controlled risk, the technical analysis suggested a stop-loss below $0.1682, thus maintaining a favorable risk/reward ratio in the observed range.
