Hedera Hashgraph to see token unlock in March- Will it impact HBAR?

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

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

In addition, in a recent post, Token Unlocks hinted at pending unlock events that the token was going to witness soon. Now the question is- What percentage are we anticipating to unlock, and might this have an effect on the HBAR token’s value?

Read Hedera [HBAR] Price Prediction 2023-24

HBAR set for more circulating supply

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

Ecosystem and open-source development were expected to make up 4.50% of the unlock, according to the unlock event schedule information.

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

Source: Token Unlocks

According to the information from CoinMarketCap, the current circulating supply of Hedera was 26 billion. As per data from Token Unlocks, 50.61% of the entire supply has been made available, but 49.39% of the tokens were still locked.

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

HABAR is on a freefall but maintains support

A daily timeframe analysis of the Hedera token’s (HBAR) price movement revealed that it had fallen for the previous four days.

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

Source: TradingView

Furthermore, its Relative Strength Index indicated that it was still in a bull trend despite its price decrease (RSI). As of the time of writing, the RSI line was still above the neutral line, indicating a persistent bull trend.

The 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

The volume has been low for the most part, except for a few days in February that witnessed a slight increase. As of this writing, 44.2 million was observed on the volume metric.

Source: Santiment

The development of the Hedera network has kept up despite its underwhelming price movement. The Development Activity indicator that was visible on Santiment revealed that there had been no indication of a drop. The measure was 119 as of the time of writing.

Source: Santiment

How much are 1,10,100 HBARs worth today

Unlock to impact HBAR?

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

Furthermore, the observed distribution chart demonstrates that the released tokens may simultaneously take some time to the trading platforms. This means that the token’s value may not change noticeably.