I've noticed a lot more resemblance between the HIVE/STEEM chart patterns and the similar pumps that occur in these coins. Hive is the new ecosystem that emerged following the hardfork that separated both cryptocurrencies. Hive and its newest ecosystem advance and attract many users, forcing many people to leave Steemit.

After examining the chart patterns for HIVE and STEEM, I discovered many similarities in the price movements, such as how STEEM will often follow the same pattern when HIVE experiences a pump, or vice versa when HIVE experiences a price decline. The only thing that distinguishes them from one another are the sporadic pumps or spikes that originate from various exchanges.

MUCH MORE SIMILARITY IN THE PUMP CANDLES

By examining the price, which is twice that of STEEM, one can deduce that HIVE is a more robust coin. I spent a lot of time today pondering why these two coins are so similar, and I came to the conclusion that many people want to use both cryptocurrency in their blogging platforms. Particularly when the pumps resemble one another, it indicates that the same person is purchasing both coins at the same rate.

There are also many people who want to buy both coins and swap them when there is little difference between them, and as a result, they book some profits. Similarly, I have brought some charts of both coins for you to understand with the prove chart. The first chart depicts the price movements of both HIVE and STEEM.

This chart is set for the 4H time frame, where the candles are much more similar. If you look closely at the graph, you will notice that the price of HIVE dropped from $0.5 to $0.29, and the same pattern was followed by steem, where the price dropped from $0.24 to $0.15. The next candle move is back to the massive dip, which has similar moves.

The following chart is 1D, with all of the candles pointing in the same direction in both coins. That is, similar buying and selling is taking place in both of these coins. There may be people accumulating and selling the coin in order to benefit from each other or for other reasons.

CLOSING THOUGHTS

The final chart is of 1H duration and shows a lot more similarity. By analysing and examining the charts, we can conclude that the STEEM coin is not being overlooked by users, and they want to hold this coin as well. However, this coin is far from HIVE and will not compete with the HIVE platform in the future due to the good and newest ecosystems.

GRATITUDE

This is a humble attempt on my part to inform you about HIVE and STEEM and their similarities during trading hours. The post may be interesting and informative for you, but it is up to you to decide. Don't forget to leave your feedback if you find it informative and interesting.

PICTURES ARE TAKEN FROM BINANCE VIA SNIPPING TOOLS AND ALSO FROM CANVA.

Thanks for your time reading the post.

Posted Using LeoFinance ^Beta