Despite the violent CPI fluctuations, HBAR rose 5%

Hedera’s HBAR token experienced drastic volatility in the 23 hours from September 10 to 11, trading at a narrow range of 5% between $0.23 and $0.24. The token rebounded from the support level of $0.23 under unusually high trading volumes, reaching 156.1 million by noon on September 11, driven by a significant inflow of institutional funds. However, HBAR faces strong selling pressure at the $0.24 resistance level and fails to break through. The price fluctuation coincides with Grayscale’s application to convert its Hedera HBAR trust into an ETF, with the Securities and Exchange Commission (SEC) expected to make a decision on November 12. Analysts believe that if the closing price exceeds $0.24, it may trigger a 25% rebound with a target price of $0.25.