HBAR price continued its strong downward trend and hit a crucial support level as the crypto market retreat gained steam.
Summary
- HBAR price has formed a descending triangle pattern on the daily timeframe chart.
- The total value locked of all assets in Hedera has plunged to $61.5 million.
- The stablecoin supply dropped by 16% in the last seven days to $49 million.
Hedera (HBAR) token dropped to a crucial support level at $0.1037, erasing all gains made earlier this year. It has dropped by 65% from its highest point in July last year.
HBAR crashed even as Hedera’s team traveled to Davos, Switzerland, where it is sponsoring the US House alongside other companies such as Microsoft, Pfizer, C3.ai, Qualcomm, and HPE.
The team, including Mance Harmon, the Chairman and co-founder of Hedera, and Eric Piscine, are attending and participating in key events at the event, which brings together some of the biggest companies and policymakers in the world.
HBAR price also retreated as key network metrics continued to deteriorate. Data compiled by DeFi Llama shows that the total value locked in the DeFi ecosystem dropped by 7.65% in the last 30 days to $61 million, down from the all-time high of over $205 million. It has dropped to the lowest level since November 2024.
Hedera’s network has a lower TVL than other blockchains like Sui, Base, Solana, and Hyperliquid. Also, the stablecoin market fell 17% over the last seven days to $49 million. Its stablecoin supply is also much lower than that of other smaller chains, such as Sui, Sei, and Aptos.
The falling stablecoin supply is notable given that the industry is still growing, with the market capitalization of all stablecoins in circulation exceeding $300 billion. Also, the decline is important because the network launched Stablecoin Studio, which provides companies with all the tools to launch and operate their stablecoins.
Additionally, the Canary HBAR ETF has struggled to gain momentum, with cumulative inflows rising to over $85 million while net assets stand at $57 million.
HBAR price technical analysis
Hedera price chart | Source: crypto.newsThe daily timeframe chart shows that the HBAR price has been in a strong downward trend in the past few months, moving from a high of $0.3045 in July to the current $0.1085.
It has formed a descending triangle pattern, which is made up of a horizontal support and a descending trendline that connects the highest swings since September last year.
The token remains below the 50-day and 100-day Exponential Moving Averages and the Supertrend indicator. Therefore, the token will likely continue falling, potentially to the key support level at $0.08500.
Source: https://crypto.news/hbar-price-key-support-key-metrics-point-deeper-dive/
