Hive (HIVE / USD) Break Channel - Support Price?

in LeoFinance4 months ago

Hive today can confirm the breakdown of a descending channel and it is good news we will see why.

Let's see

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Weekly Chart Analysis
As we see the chart to confirm the breakdown of the descending channel could be the beginning that the price has marked a floor in the $ 0.23.

The important thing about the behavior of the price in the last weeks is that the price decreased not abruptly but through lateral channels, which was forming with a lesser degree of inclination, forming a curve and a price adjustment.

Hive price history

Hive had a big bullish momentum with the listing on the Huobi exchange

When any alcoins have such a sudden lifting and correcting motion, it's normal for them to need to build up strength to start a new boost. If the force is not enough to push it higher, it will continue to correct its price. (this is what should normally happen)

Analyzing the entire graph we can identify 2 correction curves.
Among the pullbacks we find a first bullish momentum ABC.

The reason Hive's price loses support is due to:

  • The decrease in volume, since there are few buyers, the price continues to decrease seeking strength.
  • Power Down

Hive's price is still pegged to Steem's, chains will continue to be pegged until investors don't sell their tokens from the other chain, price fluctuations will continue, and that may depend on Power Down and the decisions of the witness votes

We are still linked to Steem, why?
Power down

Hive users may be doing Steem Power Down and vice versa. Steem users may be doing a
Power Down of your Hive tokens

This process can be verified in the HBD currency, which is a currency that tends to be $ 1 dollars, abrupt changes are due to massive token sales.

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See the graph

When can this process end?
It depends on each investor's decision when to sell after Power Down and at what price to sell.

But a key date is June 20, 3 months ago, a key date because those who have awarded Power Down may have liquidated most of their position.

Other key facts

  • The price in the last days achieves support of $ 0.23 and begins to rise
  • RSI remains above 42 points, which is good. (When it was less than 42 points, the price continued correcting)
  • The volume continues to increase in the last days.
  • The price begins to stabilize between the different exchanges.
  • Sale of Hive tokens by Steem users and vice versa

As I said, the price has broken the descending channel and could generate a lateral channel that validates the support price to then begin to rise in a first bullish cycle, if it fails it will continue correcting

Continue Correcting

If we analyze the Elliot wave chart, a next correction target would be the Fibonacci retracement of 0.886

The sale of tokens by Steem users and the domain that Bitcoin is acquiring after halving may be a factor delaying a possible price recovery over time

The minimum price that Hive has reached is 0.09

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Price Analysis Today

In previous days it broke the descending channel that had formed and validated a support price of $ 0.23

What could we see in the next few days
We could see the formation of a lateral channel that confirms this base price of $ 0.23

That the volume grows is a good indication, it could be indicating that investors or the exchange may be buying the Hive coin.
But it is still low, but if you can indicate that the price continues to lateralize.

What you think?

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
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Is there a chance that the price will gradually rise to close to $ 0.40? When you mention the key date "June 20" where we can observe the power that falls for that date, we could estimate a power down volume

Hive is going to raise the price, for sure, we must get rid of the steem network first, and have a bitcoin on the side, which allows the Alcoins to recover their price,
The power down decision is individual to each person, so there are no dates but at the end of June there will be large users who can or have sold their coins and that is an advance in the separation of the networks.
In the long term I believe the value of Hive will go up to $ 0.40

I understand, I have a purchase order over $ 0.23

It depends on what you want to achieve to accumulate more dollars or more satoshis or to invest in a good project, in the long term

I leave you this link about my analysis of the price of bitcoin and an investment group, so that you can also evaluate bitcoin

Bitcoin (BTC/USD) Massive Bitcoin purchases average $ 9500 dollars. Is it already a support price? Why?