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The phrase "hovering on the brink" is correct and usable in written English.
It can be used to describe a situation that is very close to a critical point or a significant change.
Example: "The company is hovering on the brink of bankruptcy due to its mounting debts."
Alternatives: "teetering on the edge" or "on the verge."
Exact(15)
As one enthusiast opined: "…after a 100 years of empirical research, immunology is hovering on the brink of reinventing itself as a quantitative, genome-based science….whether or not the multitude of practitioners of immunology wish to acknowledge it" (Flower 2007, p. 2).
Macmillan's initiative is a telling commentary on an industry hovering on the brink of crisis.
These are not just couples meeting for a quick shag; these are couples hovering on the brink of perdition.
It is dominated by the designs of Wilhelm Wagenfeld -- plain, clear and hovering on the brink of invisibility.
Instead of chugging along in reasonable health, the United States had been hovering on the brink of a double-dip recession.
Two and a half years ago, Nassau County, hovering on the brink of bankruptcy, began implementing changes to address rampant corruption in local government.
Similar(45)
She seems to hover on the brink of insanity, struggling between two states of mind.
Put simply, she wished to become a Christian, but Stanford still hovered on the brink of conversion.
But each time I hovered on the brink, I found myself shrugging and saying, Let it go.
When they hovered on the brink of war last year, China intervened diplomatically along with other powers.Only in Africa's largest economies has China become less popular.
The squabbling over Gogol's roots comes as Russia and Ukraine hover on the brink of yet another dispute over transport of gas to European consumers.
More suggestions(17)
hovering on the border
hovering on the threshold
wavering on the brink
operating on the brink
hovering on the precipice
hovering on the periphery
hovering on the edge
hovering on the link
hovering on the outside
hovering on the perimeter
hovering on the tip
hovering on the end
hovering on the verge
hovering on the horizon
hovering on the icon
hovering on the darker
hovering on the line
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com