The Hedera Hashgraph (HBAR) token is experiencing significant price changes, losing more than half of its value since the beginning of the year. This decline is compounded by falling prices in its DeFi ecosystem.
Current HBAR Price Situation
HBAR token has dipped to $0.1750, the lowest value since December last year. Its price has dropped by 57% since the start of 2023, indicating the predominance of bears in the market.
State of Hedera's DeFi Ecosystem
Asset evaluation in HBAR's DeFi ecosystem demonstrates significant declines. The total value locked has fallen to 531 million HBAR, while last year it was 1.33 billion. Many dApps, including Stader, Bonzo Finance, HeliSwap, and HbarSuite, have also lost some of their assets in recent months.
HBAR Technical Analysis for the Future
Technical indicators suggest further HBAR price decline. After breaking the key support level at $0.1817, the price continued to fall, indicating bearish sentiment prevailing in the market. The presence of a 'death cross' also indicates a downtrend, and moving below the 61.3% Fibonacci level confirms further downside prospects.
The decline in HBAR token value and its DeFi ecosystem assets points to significant challenges that may affect its future. Investors are now focused on the potential ETF approval to determine further prospects.
