Good day Hiveians!
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In the last post about Hive 'One Last Drop to 13 Cents?' I argued that Hive could see one last downturn before "mooning" again
Hive has often shown that it can rally in a sideways moving or even downward moving market. There aren't many coins that can do that, and it has become somewhat of a characteristic of Hive. So far in the last 24h there has been a 36% rally!
This changes things up a bit for the TA as I wasn't expecting such a strong rally before the potential next big drop. I still think the whole market is facing another 30-50% correction before entering the last phase of the bull market towards the end of this year. So Hive will not escape such a big drop if it were to happen. But, the crucial point I believe is that it won't go below 16 cents anymore. The fractal seems to have been completed and behaved exactly as one would have expected (this is from several weeks back):
The previous scenario is then changed by raising the dip from 13 cents to about 18-22 cents. This should be the bottom in case the whole market crashes. Staying above the last drop to 16 cents means that Hive is in the next impulse wave as the main correction is over (but of course another correction to about 20 cents still means a correction of about 50% might be coming up)
Overall this is still fantastic news, as a 1$ Hive should not be too far off (3-4 months). The next big resistance is very likely going to be in the 2-3$ range, but I would expect this to still be about 6-8 months off.
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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