HBAR Teeters on Edge as Hedera Stablecoins Implode—27% Drop Looms

Hedera's HBAR faces a brutal reckoning as its ecosystem stablecoins nosedive—traders brace for potential bloodshed. The network’s 'enterprise-grade' blockchain isn’t immune to crypto’s favorite pastime: volatility.

When stablecoins wobble, the domino effect is brutal. HBAR’s price charts now look like a cliffside with a 27% plunge in play. So much for 'stable.'

Another day, another crypto project learning the hard way that markets don’t care about whitepaper promises. Hedge accordingly—or enjoy the ride down.

HBAR price technical analysis

The daily chart shows that HBAR peaked and formed a double-top pattern NEAR $0.40 in December and January. Since then, it has followed a bearish trajectory, forming a series of lower lows and lower highs, and is now trading just below the upper boundary of its descending channel.

The coin has also moved below the 50-day Exponential Moving Average, while the MACD and the Relative Strength Index have pointed downwards. 

Given the weakening fundamentals and bearish technical indicators, there is a strong likelihood that HBAR will drop to the lower boundary of the channel at $0.1236, a potential 27% decline from current levels. A breakout above resistance at $0.2290 WOULD invalidate this bearish outlook.