The native token of Hedera Network, Hbar, faces a renewed pressure pressure after undergoing a sharp drop of 15% in the last seven days.
Now at the forefront of its hollow of the year, the price of the Hbar token can prolong its trajectory down as liquidity on the dry network scale.
Hedera Stablecoin Supply strikes 90 days low
According to Defillama, the stablecoin supply on Hedera fell to its lowest level in 90 days. At the time of the press, it is $ 41 million, down more than 80% compared to the peak last month of $ 216 million.
This drop suggests weakening the demand for liquidity on the chain and indicates a broader slowdown in user activity through the network.
Stablecoins are used as an indirect indicator of market participation and capital entries. Consequently, the drop in their supply on Hedera indicates that fewer users translate, deploy capital or seek a yield on the network.
This reduces the demand for Hbar and exerts more pressure down on its already destroyed price. Hbar could see short -term supported sales without resurgence of the impulse of the shock on the network.
In addition, the drop in Hbar of several months has pushed its price below its Cloud Ichimoku. At the time of the press, the main expanses of the momentum of the A and B indicator for the resistance above the price of the token at $ 0.15 and $ 0.17, respectively.
The Cloud Ichimoku follows the momentum of the market trends of an asset and identifies the potential levels of support / resistance. When an asset is negotiated below this cloud, it reflects the downward pressure on the market. This means the demand for stands when selling pressure tips.
For Hbar, price brands of $ 0.15 and $ 0.17 represent dynamic resistance areas, strengthening the probability of continuous decline if the price remains lower than these levels.
Hbar struggles near the stockings
Hbar currently oscillates just above the $ 0.13 level, depending on the readings of the daily Hbar / USD graphic. This price zone marks a crucial support floor and represents the hollow of the year of Altcoin. If the demand is weakening, Hbar could revisit this critical level and potentially lower.
However, the lowering prospects can be short -lived if buyers return to the market. An accumulation resurgence could invalidate the current decline trend, the bulls looking at a movement above the resistance at $ 0.15.
A successful escape at this level can open the door to the price of the Hbar token to reach $ 0.17.
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