Crypto Analysis | Hive: Make Or Break

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Good day Hiveians!

Join me in analyzing the crypto markets!

 

As so often before Hive is at crossroads

Price is at critical support after being rejected from the big resistances I covered in the last post. Everything looked like Hive would set up a big pump, but instead price did not push upwards and now it is retesting the support. Here is the chart again:

The big red resistance zone has now been tested at least 6 or 7 times and momentum was not enough to sustainably go into the 50-60+ zone. Here is the updated chart:

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You can see that the wicks even tested the upper resistance and the candles actually did surpass the bottom resistance. But it was not enough it seems.

So what now?

I don't think the rally that started in January is finished just about yet. Of course price is now hovering over the critical supporting trend line of the green channel. If it breaks there are two scenarios:

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The first one being a correction taking us to another supporting trend line and then retesting the resistance zone. The other being a correction all the way down to the macro support. This is at around 30 cents now.

Honestly, it would be disappointing seeing any of these two scenarios since we would continue being in the sub 40 cents zone for the foreseeable future. The tech we have here, the community, the dapps, and the dev is setting this chain so far apart from others that it feels like a bad joke we are still at these levels. But perseverance is a good virtue to have.

Also, don't discount the unexpected turnaround potential Hive has: we have often seen pumps that change the picture entirely. For that reason I am thinking the pump scenario to 70+ cents and a further rally is still on the table.

 


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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4 comments
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  • peakd
  • ecency
  • hivesigner
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    Thanks for your analysis!
    I will prepare some liquid $. When Hive goes down to 35 cents level or below, I will start buying Hive to accumulate more Hive in my account.
    Cheers!

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    Going down to around 30 cents would be a bit demotivating but it's part of the market movements. I hope the turnaround potential kicks in :)

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