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HBAR price risks deeper drop as Hedera stablecoin supply slumps 80%
- HBAR's price faces downward pressure amidst a decrease in stablecoin supply and subdued market activity on the Hedera network.
- Despite a recent 5.61% increase in value to $0.1372, HBAR remains close to its year-to-date low and has experienced a short-term bounce after a 15% loss over the past week.
- Hedera's stablecoin reserves have dropped by over 80% in a month, signaling liquidity challenges that could further impact HBAR's price negatively.
- The total stablecoin supply on Hedera has fallen to $41 million, a significant decline from the previous peak of $216 million.
- The decrease in stablecoin liquidity raises concerns about reduced user activity and investor interest in Hedera, potentially leading to migration to other blockchains.
- HBAR's technical analysis shows a bearish trend as it trades below key Ichimoku Cloud levels with resistance zones at $0.15 and $0.17.
- If HBAR fails to reclaim these resistance levels, it may face continued selling pressure, especially if support at $0.13 is breached.
- The liquidity crunch on the Hedera network limits user activity and capital deployment, potentially contributing to sustained selling pressure on HBAR.
- A bullish reversal is possible if HBAR breaks above $0.15, signaling renewed investor interest and potential recovery in price.
- The current outlook for HBAR suggests vulnerability to further losses, pending a shift in market sentiment or network fundamentals.
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