$HBAR collapsed

Hashgraph formed a death cross pattern, signaling further declines in the near term.

The price of Hedera Hashgraph ($HBAR ) dropped to $0.1450, its lowest level since April 9, and is 35% lower than its peak in May.

This decline came despite significant developments in the ecosystem. In a recent statement, the Australian company AUDC announced the launch of AUDD, the first Australian dollar stablecoin on the Hedera network. This also marked the first commercial application of the Hedera Studio platform.

AUDD provides instant settlement and very low costs of around $0.001 per transaction. This may also pave the way for the launch of more stablecoins on the Hedera blockchain in the coming months.

However, the risk lies in the sharp decline in the supply of stablecoins on the Hedera platform. According to DeFi Llama data, Hedera currently holds only $40 million worth of stablecoins, down 82% from last month's peak of $216 million.

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The stablecoin footprint of #Hedera is now lower than that of newer chains. For example, Sonic, which was relaunched in January, has over $380 million in stablecoins. Similarly, Unic,,,,hain has over $383 million.

Additional data from Coing,,,,lass shows that Hedera's open futures position has dropped to $217 million, down from its year-to-date high of $308 million.

Technical analysis of the price of $HBAR

Hedera price chart

The daily chart shows that #HBAR has been in a continuous downward trend over the past few months. A death cross pattern formed on May 30, with the 50-day and 200-day exponential moving averages crossing.

The Hedera token also fell below the upper side of the descending channel. The Relative Strength Index and MACD indicators continued to decline, indicating that the downward trend is gaining momentum.

As a result, Hedera is likely to continue its decline, with sellers focused on the downside of the channel at $0.1200. Breaching the resistance level at $0.1855 would invalidate the bearish outlook.

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