Hedera Hashgraph Token Plunges as Death Cross Pattern Emerges
Hedera Hashgraph’s HBAR token has suffered a steep decline, crashing to $0.1450 — its lowest level since April 9 and about 35% below its May peak. The sharp drop also coincides with the formation of a death cross pattern, often seen as a bearish technical signal, suggesting the potential for further downside.
The slump came despite positive news for Hedera’s ecosystem. Australian company AUDC recently launched AUDD, the first Australian dollar-backed stablecoin on the Hedera network. The launch also marked the first commercial use of Hedera Studio. AUDD promises instant settlement and ultra-low transaction costs of about $0.001, potentially opening the door for more stablecoin initiatives on the blockchain.
Still, challenges remain. The supply of stablecoins on Hedera has plummeted. According to DeFi Llama, the total value of stablecoins on the network has fallen to just $40 million — a sharp 82% drop from last month’s $216 million peak.
