HBAR Price Faces Bearish Pressure Amidst Weak Fundamentals
HBAR price has entered a bear market, plummeting nearly 50% from its August peak. The token’s weak fundamentals and technical indicators suggest further declines.
HBAR is on the verge of forming a death cross, a bearish pattern where the 50-day moving average crosses below the 200-day moving average. This signals more downside in the near future.
Hedera’s fundamentals are weakening. Despite its high market cap,its role in key industries remains limited. The platform has struggled to attract top developers like Uniswap and PancakeSwap. Consequently, its total value locked (TVL) is just $168 million, down 30% in the last month.
While $168 million is notable, it’s a small figure in the $280 billion DeFi industry.Newer chains like Katana and Unichain have surpassed Hedera.Additionally, Hedera’s presence in gaming and nfts is minimal.Its stablecoin supply, launched in 2024, stands at just $89 million.
Hedera’s governance council includes giants like Google and IBM. Though, it’s unclear if these companies actively use its blockchain.
Technically, HBAR has fallen from $0.3052 to $0.1600. It recently broke below the $0.2065 support, invalidating a double-bottom pattern. The token is also below the Ichimoku Cloud,indicating further downward pressure. Sellers may target the $0.1015 support, a crucial level this month.
