Crypto Analysis | Hive to the Moon or What?!
Good day Steemians!
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So as a technical analyst I think it's important to talk about the times that your predictions failed. This is such a time for me. 13 days ago I made a post in which I predicted a price for Hive of 5-7 cents. HA! This was probably the worst prediction I ever made in terms of outcome.
But I have a couple of comments for that:
- When a coin gets first listed it is incredibly hard to make predictions. The main patterns are being established in this phase and so many of the tradional toolsets do not work (Elliott etc.)
- Hive has an additional element: As former Steemians many Hiveians are powering down their steem and selling it for Hive. This puts a high buying pressure on the token which is at least partially responsible for the strong upward movement.
- Just before the 700% (!!!) increase in price it was announced that the coin would be listed on Huobi exchange. This is in my opinion the strongest reason for the price explosion
- From a technical perspective the trend line seen in the chart acted as a resistance line. I argued in my previous post that this would lead to a further decline in price. However with the points mentioned above it seems natural now that the price would be heading in the opposite direction
- Also, this is short term movements: There will definitely be a correction soon (or is just happening). I think 20-30 cents is a real possibility, but I am not even calling this a prediction currently as I am not sure about a lot of things (there is probably also a lot of price manipuation going on from the Tron side I think)
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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What’s that straight line?!! Amazing graph! Hope it will go up more!
I doubt it, but we'll see :)
I hope so!
It's definitely a beautiful sight to observe. I think anything could happen, we should just enjoy the ride.
yeah.. although if I'd have liquid I think I'd sell a bit ;)
I actually took your advice and withdrew some.
I think that should be okay; I read that tomorrow the airdrop for Hive on Huobi is ending, so there is a good chance that we'll see a drop by then
Like you said, it’s probably too early for any HIVE technical analysis to actually be useful.
If there are no historical support/resistance levels, keep an eye on round numbers. Just look at how the rally stopped perfectly at $1.00.
Human beings are strange creatures, aren’t they!
👍
On one of the telegramтchannels, someone said that the HIVE price could quickly collapse, because the support is small.
I don’t know, I don’t understand this😀
yeah, generally a 700% increase in price is not sustainable in the short term. As the coin is new there are no support levels currently (meaning past price movements at a similar price level which act as "supports").