Will HBAR price rebound after Hedera's partnership with McLaren Racing?

Source: CryptoNewsNet Original Title: Will HBAR price rebound after Hedera’s partnership with McLaren Racing? Original Link:

Hedera Partners with McLaren

HBAR price remained under pressure after Hedera announced a partnership with McLaren, which won the drivers’ and constructors’ championship in Formula 1 last year.

Hedera will become an official partner for its Formula 1 and IndyCar teams. It will also connect the real-world racing environments with Web3 infrastructure.

The first use case for the partnership will be a digital collectibles program released during F1 Grand Prix weekends. Hedera will also power Arrow McLaren’s IndyCar digital collectibles for the upcoming season. In a statement, Hedera’s Charles Adkins said:

“Working with one of the world’s most recognized sports brands is a big step for the Hedera ecosystem. It gives us a chance to show what Web3 can look like when it’s built on a network people can trust and tied to the experience fans actually want.”

It’s a Trend

Hedera joins other layer-2 blockchain networks that have partnered with Formula 1 teams. Sui has partnered with Red Bull Oracle Racing, while Tezos partnered with McLaren.

BlockDAG has also partnered with BWT Alpine. Other companies, such as certain head exchanges, also spend heavily on Formula 1 marketing.

Meanwhile, Canary HBAR ETF has experienced robust inflows this month. It has added over $5.58 million this month, higher than the $3.6 million it added in December. Its cumulative inflows rose to $89 million, bringing the net assets to over $57 million.

However, Hedera’s growth has stalled in the past few months, with the total value locked in its ecosystem falling to $62 million and the stablecoin market cap to $52 million.

HBAR Price Technical Analysis

The daily timeframe chart shows that the HBAR price has retreated in the past few months, moving from a high of $0.3046 in July last year to the current $0.1077.

It has remained below the 50-day and 100-day Exponential Moving Averages and the Ichimoku cloud indicator.

The token has formed a descending triangle pattern whose lower side is at $0.1037. A descending triangle is a common bearish continuation sign.

Therefore, the most likely scenario is where it continues falling, potentially to the key support level at $0.08500. This view will be confirmed if it moves below the support at $0.1037.

On the other hand, a move above the descending trendline will invalidate the bearish outlook and point to more gains.