The Future of Hive | Analysis for 2024

Namaste to all Traders and Investors.
Image source | Edited on Canva.
I talk more about technical analysis but it does not mean that the importance of fundamental analysis is less. In fact, for long-term investors, fundamental analysis is a must-have. And most people I know who invest in crypto do so with a long-term perspective.
So, without going into depth on how to fundamentally analyze a crypto as I have already written 2 blogs on that. Let's understand how you can be confident about the future of your Hive by analyzing it technically.

If you value indicators for technical analysis or to know the strength of an asset, then let me tell you that while I am writing this blog: Hive is trading above 2 major moving averages 150 and 200-day simple moving averages.

Source | HiveUSD price chart Daily time frame.

The downtrend of the last one and a half years can be understood through the green trend line shown in the image above. And by looking at the red trend line, you can understand how the price has maintained a slightly higher-low structure in 2023. From this, it can be understood that the price is gradually gaining ground here. But there is one more thing that needs to be understood.
Source | HiveUSD price chart Daily time frame.
I am showing the same chart again but this time here I have marked some candles which basically point to the upper wick of the candle which signifies price rejection at upper levels. However, it would be difficult to understand those rejection wicks by looking at the image above, so I would suggest that you open the Hive daily chart in your system and see how the price has seen a big selloff every time it approaches the upper levels. Which has somehow been rarely seen since September.

Now you all know that the wicks indicate rejection in the price. Simply because, if the rejection had not happened, the price would have remained at those levels. And now that there have been very few rejections in the last few months, it can be said that the interest of buyers is increasing here.
So technically I would say there is strength in Hive here. But the price has yet to sustain above the major swings of the lower-highs structure that too without any rejection.

And if that continues to happen successfully, we could see its price comfortably above $1 in 2024 itself.

Here this level may seem low to some, but rather than talking about how high it can go during pumping and high volatility, I am expecting levels at which the price will remain even after the volatility has calmed down.

That's all for today. hope you learned something good!

English is not my first language. So sometimes I use 'Google Translate'. Please don't think that anything I have written in this blog has been copied from somewhere or is AI-generated.

Thank you for reading and appreciating this blog.
"Keep Learning, Earning, Growing, and Smiling"
Have a happy day!
🙏

Posted Using InLeo Alpha