Hedera Hashgraph is a revolutionary distributed ledger technology that aims to transform how we interact with the digital world. The Hedera ecosystem is one of the most used enterprise-grade public networks for individuals and businesses. Hedera Hashraph uses the Hashgraph consensus mechanism to keep the network secure. The Hedera ecosystem has a lightning-fast transaction time and can process thousands of transactions per second. The ICO of Hedera came in 2018 and its mainnet was launched in 2019. Since then the adoption of the ecosystem has surged exponentially. It is used for payments, Web 3 applications, NFT, Defi and many more things. HBAR uses 0.000003kwh for every transaction which is very less as compared to other blockchains.
Hedera has also committed to be a carbon-negative network and is working strongly towards it. Hedera may observe a token unlock of approximately 1 Billion tokens on June 1st as per Token unlocks. This may push the HBAR price down momentarily to the next support level.
Hedera has a market cap of $1.62 Billion and is ranked 34th in the crypto-verse. It has a total supply of 50 Billion tokens of which 62% is circulating in the market. The V/M ratio of HBAR suggests a consolidated trend in price.
Where Is Hedera Price Heading For?
The weekly technical chart of Hedera price suggests a win of bears. On the daily chart, it is observing a consolidation after a bearish trend in the past.HBAR price is currently near the value of $0.0516 with a small drop in the intraday session. The correlation between the HBAR and ETH has also observed a decline. If the HBAR price moves in a downside trend the bounceback can be seen near $0.045. Meanwhile, the resistance of the asset price can be seen near $0.06. It is currently trading below the 50 and 100 Daily Moving Averages with a negative crossover. This can push the price further below to a new low in the future.
Hedera RSI is currently near 34 with a small negative slope in the indicator. The overall sentiment of the RSI is bearish.
Summary
Hedera will observe a token unlock on June 1st which may push the price further below. HBAR is currently seeing a weak consolidated trend but can observe a bounceback in the near future.
Technical Levels
Major Support:$0.045
Major Resistance:$0.06
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.
Source: https://www.thecoinrepublic.com/2023/05/17/big-token-unlock-coming-for-hedera-how-will-hbar-price-react/