Good day Hiveians!
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Since June Hive has entered its next impulse wave, but the road to 2-3$ remains very volatile
On the weekly chart this becomes more evident. We are now well on the upward winding road to the $ range. But there is most likely a final test before going higher. Since breaking out of the weekly trend lines from the ATH, we are probably going to retest those trend lines. There are two upward facing channels (in green) that I think will be a possible price range for Hive. But make no mistake, the price range in that channel are very high, with possible 100% gains and 50% losses.
Looking at the daily chart there seem to be two plausible scenarios: in both I would be expecting a further correction to about 40 cents (about another 10% loss). This is based on the idea that bitcoin will retest its breakout of the downward coming trend line from its ATH. If so, I am fairly confident that the whole crypto market will once more go up (at least short term). For Hive this could mean either a more conservative price increase to about 50 cents or a "pump and dump" scenario going possibly up to 70+ cents.
After this I am expecting a strong correction of the entire crypto market (with BTC possibly retesting the 23k price area). Such a correction of 40-50% would result a correction to about 40 or 25 cents for Hive (depending on how high prices can go). As seen in the chart above, this would work out very well with the established trend lines. The more bullish scenario would find support at the trend line coming from the daily candlesticks; the more conservative would find support at the trend line(s) coming from the former ATHs. Both translate to about a 50% correction.
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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