The HBAR price remains in a bear market after plunging by 63% from its highest level in July this year and 72% from its highest point in 2024. It is hovering near its lowest level since November last year as its headwinds rise.
Hedera ETF Demand Has Dried Up
One of the top headwinds is that demand for the recently launched spot HBAR ETF has dried up completely. Canary’s HBR ETF has not had any inflows since December 10, a sign that investors are no longer interested in it.
The fund’s daily trading volume has moved to zero, while its cumulative inflows stand at $82 million. Its net assets remains at $52.7 million, much lower than other crypto ETFs like Bitcoin and Ethereum.
Meanwhile, while Hedera has continued to attract large partners as part of its governance council, third-party data shows that few developers are using its blockchain, with many companies opting for Ethereum. Its most recent addition to its council was Repsol, the giant Spanish energy giant.
Data compiled by DeFi Llama shows that Hedera’s total value locked (TVL) is less than $200 million, much lower than other recently launched networks like Plasma, Sonic, and Aster.
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Hedera does not have a big market share in the stablecoin industry, with the total supply being less than $100 million. It is also unclear whether there are many companies using its hyped Stablecoin Studio product, which helps companies launch these tokens easily.
Hedera’s futures open interest has tumbled in the past few weeks, moving from a high of $449 million in October to the current $100 million. This is a sign that demand has dropped and that many traders expect the price to continue falling in the near term.
HBAR’s demand in the spot market has also plunged to below $100 million, much lower than Midnight (NIGHT), which had $6 billion in volume on Monday.
HBAR Price Technical Analysis
The daily timeframe chart shows that the HBAR crypto price has crashed in the past few months. It has crashed from a high of $0.3051 on July 27th to the current $0.1100.
The coin has dropped below the important support level at $0.1248, its lowest level in April and June this year. It has plunged below the 50-day and 100-day Exponential Moving Averages (EMA) and the Supertrend indicator.
Therefore, the most likely HBAR price forecast is bearish, with the next target level being at $0.0800. This view will be if it drops below that key support level at $0.100.
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