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- Hedera will unlock 3.14 billion HBAR token which is 6.28% of its total supply
- HBAR coin price sustained above 200 day EMA and prepares for golden EMA crossover
- HBAR crypto technical indicators are mild bearish
Hedera (HBAR) crypto price is trading with bearish cues and bears are trying to pull the prices below the EMAs to disturb the sentiment of the long term investors. However, the prices are near to the oversold levels and might see bounce back from the support levels. Currently, HBAR/USDT is trading at $0.0711 with an intraday loss of 1.52% and the 24-hour volume to market cap ratio at 0.0261
According to CryptoRank Platform, Hedera on March 1,2023 will unlock 3.14Billion HBAR tokens which is 6.28% of its total supply.
Will Hedera volume unlock impact the price?
Hedera (HBAR) crypto price is reversing downward by forming lower low candles which shows that bears are active in the supply zone and trying their best to maintain their dominance on the higher levels. However, in the coming month Hedera will unlock 3.14 billion HBAR tokens which is 6.28% of its total supply can positively impact the prices for the long term investors.
In the mid of January, HBAR prices had managed to climb above the 50 day EMA which had triggered the positive sentiment and turned the short term trend in the direction of bulls. Later, prices picked up the momentum and rallied 117% approx in the short period of time. Meanwhile, bulls also succeed to push the price above the 200 day EMA which has created a hope for the bullish trend reversal but unfortunately prices took halt at the $0.0988 and bears came forward to pull down the prices again. Therefore, $0.0988 will act as immediate hurdle for the bulls followed by next hurdle will be at $0.1105
On the other hand, HBAR prices are near to the oversold levels and bulls are trying their best to defend the EMAs levels which will act as important support for the coming sessions and if overall market sentiment turns bullish then probability of bounce back from the support zones will increase in the favor of bulls. The technical indicators of the HBAR like MACD had generated negative crossover indicating bearishness to continue for some more time whereas the RSI at 41 sloping down denotes that the prices are near to the oversold levels and may witness a relief rally in coming months.
Summary
Hedera (HBAR) coin prices are into the short term correction mode and bears are trying to drag the prices below both the important EMAs which shows that the sellers are more active as compared to buyers but in coming month Hedera will unlock 3.14 Billion HBAR tokens which might positively impact the price and HBAR downtrend may see upside turnaround.
Technical levels
Resistance levels : $0.0988 and $0.1105
Support levels : $0.0604 and $0.0357
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
