Hedera Hashgraph will see token unlocking in March – will this affect HBAR?

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  • HBAR will see a total of 6.28% of its total offering unlocked on March 1st.
  • The price of HBAR has been falling for the past three days.

There has been a slight decline in the value of the Hedera Hashgraph token (HBAR) over the past few days, but it has not been catastrophic.

Also, in a recent post, unlocked token suggested pending unlock events that the token would soon witness. Now the question is, what percentage do we expect to unlock and can this affect the value of the HBAR token?

Read the Hedera (HBAR) 2023-24 price forecast

HBAR set for more circulating supply

unlocked token revealed in a post on February 22 that Hedera Hashgraph (HBAR) would unlock 6.28% of its supply on March 1.

Ecosystem and open source development was expected to account for 4.50% of the unlock, according to the unlock event schedule information.

Additionally, purchase agreements, network governance, and operations were expected to consume 0.67% and 1.11% of the unlock, respectively.

Source: Token Unlocks

According to information from CoinMarketCap, Hedera’s current circulating supply was 26 billion. As per data from Token Unlocks, 50.61% of all stock was made available, but 49.39% of tokens were still blocked.

Therefore, the volume of the locked tokens will be further reduced and the volume of the circulating supply will be increased by the unlock event on March 1st.

HABAR is in freefall but maintains support

A daily analysis of the price movement of Hedera token (HBAR) revealed that it had dropped in the previous four days.

Even though the decline was negligible, as of this writing it has lost around 6.07% of its value. At press time, it was trading at approximately 0.082% and managed to hold a support level between $0.080 and $0.075.

HBAR price movement

Source: TradingView

Furthermore, its Relative Strength Index indicated that it was still in an uptrend despite the price drop (RSI). At the time of this writing, the RSI line is still above the neutral line, indicating a persistent uptrend.

Long and short moving averages (blue and yellow lines) also served as support levels for Hedera.

Volume is low as development activity remains constant

Hedera (HBAR) has not been experiencing any noteworthy activity, according to Santiment’s volume metric.

Volume has been low for the most part, with the exception of a few days in February where there was a slight increase. At the time of writing, 44.2 million have been watched in the volume metric.

Hedera (HBAR) volume

Source: Sancimento

The development of the Hedera network has continued despite its lower-than-expected price movement. The Development Activity indicator visible on Santiment revealed that there was no indication of a decline. The measurement was 119 at the time of this writing.

Hedera Development Activity

Source: Sancimento

How much are 1,10,100 HBARs worth today

Unlock to impact HBAR?

Nearly 6% of available HBAR tokens will be released, which may have little effect on the token price.

Furthermore, the observed distribution graph demonstrates that released tokens can take some time simultaneously for trading platforms. This means that the value of the token may not change perceptibly.

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