Good day Hiveians!
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Hive is crazy. Everyone knows that who has looked at the charts.But to see it go 100% in a red market is amazing
We just got a record high of 1.5$ overnight (at least from my perspective)!.
Have a look at the chart yourself:
Again, wow! I guess the volume was once again from the Korean exchanges? Wherever it came from it will once again put Hive in the spotlight of the entire crypto market. These kinds of movements don't go unnoticed and people will ask questions such as: What is Hive? Why is it outperforming most other coins? Why is it leaving Steem in the dust? etc. At least I hope this is what people are wondering about.
I wanted to go all in at around 40 cents because with all of the projects ramping up I have become a Hive maximalist (I guess kind of ;) But looks like too many other people are seeing the potential of Hive as well.
So back to our TA...
This pump changes a lot. My former idea that we will retest the main support is probably not going to happen. The furthest drop (bearish scenario) would be back to 50-60 cents which is indicated by the thicker green trend line. In a more bullish scenario we could be looking at about 70-90 cents. since we have a strong support in the weekly chart from the trend line of the previous ATHs (see thick blue line) at this range. But it seems that we will now be testing the main resistance in the next weeks.
If this happens, it means that Hive is going to tackle the 2-3$ range very soon. This poses a serious challenge to overcome as we have resistances in form of trend lines as well as the fib retracement. But this movement would be extremely positive for future price actions as a correction from this area down to possibly 1$ means that Hive could still climb much further in this bull cycle (10$+).
Previously I have been talking about two scenarios. And the recent correction down to 50 cents seemed to be a confirmation for the purple one. But I guess it is now more correct to say that it was a combination. We went down to 50 cents (see purple line), but then broke out to 1.5$ (see blue line). It was a perfect mix of the two... But this is hard to predict when a coin goes 2x over night!
I still expect BTC and the whole market to correct on a bigger scale which would also take back Hive to the areas mentioned above. But I couldn't be more bullish on Hive right now! :)
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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