Will HBAR See a Drop With Unlock?

Hedera is one of the most advanced blockchains which allows individuals and businesses to create Dapps. It is designed to be a fairer and more efficient system that eliminates older blockchain limitations. It uses a novel type of DLT called Hashgraph. The speed, cost, and scalability of the Hedera blockchain is higher than other traditional blockchains. It takes over 5.64 seconds to reach consensus finality with an average transaction cost of $0.0001. 

Hedera-optimized EVM along with the consensus service API enables developers to build Web 3 applications. Hedera is also moving towards its carbon-negative commitment with 0.000003 kw/h energy per transaction. One of the most noticeable features of the network is the Gossip About Gossip protocol. The HBAR is going to see a token unlock on June 1 of about 1 Billion tokens. This may push the Hedera price down in the near future.

HBAR has a market cap of $1.658 Billion and is ranked 34th in the CMC. The social engagement of HBAR has been seeing a decline in the past few days. The V/M ratio of Hedera suggests a consolidated trend in price.

Will HBAR Cross the $0.07 Threshold?

Hedera has been moving in a strong consolidated range for the past few weeks. HBAR’s price is currently near the value of $0.0525 with a small drop in the intraday session. It has been moving in a consolidated range in the daily chart. The upside momentum of HBAR can see a halt near the value of $0.06. Meanwhile, the support of the asset price can be seen near $0.045. The correlation between the ETH and HBAR is near 0.54 suggesting a weak momentum in price. The asset price is currently trading below the 50 and 100 Exponential Moving Averages. There can be a negative crossover in the future which can push the price down.

The RSI of HBAR is near 40 with a very small downside slope in it. The overall sentiment of the indicator is neutral.

Summary

Hedera may observe a token unlock on June 1st which may push the price down. HBAR price is currently seeing a consolidated trend but can move to a new high in the future.

Technical Levels

Major Support:$0.045

Major Resistance:$0.065

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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 and 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.

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