Hedera Hashgraph Token Faces Notable Decline
Hedera Hashgraph (HBAR) has experienced a sharp drop, falling below a crucial support level. This indicates that bearish forces are in control. The token reached a low of $0.1750, its lowest since December 1, marking a 57% plunge from its year’s peak.
The decline in HBAR’s value has paralleled a reduction in its decentralized finance (DeFi) ecosystem’s total assets. The total value locked in its DeFi ecosystem has dropped to 531 million HBAR tokens, down from 1.33 billion last year. This decline reflects a broader downturn in the cryptocurrency’s performance.
most applications on the platform have also seen asset losses. For instance, Stader, a leading liquid staking network, has lost 11% of its assets in the past month, now standing at $81 million. Other platforms like Bonzo Finance, HeliSwap, and HbarSuite have similarly suffered. The total value locked in these platforms has decreased substantially. Stader’s assets have fallen by 11% in the last 30 days. Bonzo Finance has lost 6.8% of its assets. The platform’s revenue has also taken a hit. In March,it earned just $9,700,a stark contrast to the $124,000 recorded in December.This trend suggests a weakening interest in the network. The only hope for HBAR could be the potential approval of an HBAR ETF by the Securities and Exchange Commission (SEC). This could attract more US institutional investors.
Technical analysis shows a gloomy outlook for HBAR. It has fallen below the $0.1817 support level, a sign that bears are in control. The 200-day and 50-day moving averages have formed a death cross, indicating a downward trend. The next target is $0.1200, about 31% below the current level.
