Hedera Hashgraph Token Faces Major Decline
Hedera Hashgraph’s token, HBAR, has fallen sharply, breaking a crucial support level. This indicates that sellers are in control.
HBAR recently hit $0.1750, its lowest since December 1. It’s down over 57% from its peak this year. This drop aligns with a decline in the total assets within its decentralized finance (DeFi) ecosystem.
Data reveals that the total value locked in Hedera’s DeFi has fallen to 531 million HBAR tokens. This is a meaningful drop from last year’s high of 1.33 billion.
Most dApps on the platform have lost assets. for instance, Stader, a leading liquid staking network, has seen a 11% asset reduction in the past 30 days, now at $81 million.Bonzo Finance, HeliSwap, and HbarSuite have also lost assets.
Hedera’s app revenue has also decreased. in March,it was just $9,700,down from $124,000 in December. source: DeFi Llama
The only hope for HBAR is the potential approval of an HBAR ETF by the SEC. This could attract more demand from U.S. institutional investors.
Technical analysis suggests further declines for HBAR. It has moved below the key $0.1817 support level. A death cross pattern has also formed, indicating a bearish trend.The next target is $0.1200, about 31% below the current level. source: crypto.news
