The Hive community has been following the price actions of $HIVE closely as the coin's trading volume increased drastically on both Tier 1 centralized exchanges and some local ones.
The interesting thing is not the attention on HIVE, but rather, the timing itself. While the market was in a deep downtrend, all coins are expected to follow the same way unless there are some external factors on the price such as collaborations, capital investments, or any type of influential news.
In the lack of such " short - term narrative " behind the increase in the trading volume and the price of HIVE, we can go back to the fundamentals that play a role in the long run.
Reason 1: The Technical Chart Looks Juicy
Have you checked the chart of HIVE on the monthly timeframe?
The lows are closing higher every month and the long - term support trend (which is around $0.30 now) has never been violated.
Similar to many altcoins, HIVE is a nice investment even for the weak hands because it will pump like all other coins in the bull market. If the weak hand buys HIVE at $0.30 and sells at Fibonacci 0.5 level = $1.75, this is a great ROI that is around 600% gain for his / her trade.
While this is the case, HIVE can show itself from time to time 😉
Reason 2: Still the Best SocialFi
You may noticed that the trend of SocialFi has not ended. As the $FRIEND token of Friend (dot) tech has been airdropped and many other SoFi projects on top blockchains are boosted by the core developer teams, it is not likely to end soon.
What people dream about Web 3.0 is already happening in Hive ecosystem. The communities, tokenization, free transactions via renewable Resource Credits, freedom of speech, and the security of blockchain are some of the reasons why HIVE has the potential to be the shining star of SocialFi again.
Reason 3: Hive Grows & Develops
The launch of LeoDex's cross - chain transactions can be a perfect example.
A person who socializes on InLEO receives LEO & HIVE tokens as a reward in 7 days. This person can easily turn his / her tokens into another one on Ethereum, Arbitrum, or many other chains. That cross - chain operations prove that Hive is not dependent on a couple of centralized exchanges or that the earnings on Hive are not imaginary as they are on many "social" projects that have limitations on the rewards, restrictions on withdrawals etc.
Whales do not have to be giant capitals, an ordinary crypto guy who has been in the ecosystem since 2018 - 2019 already knows the story of Hive in terms of its independence war and its performance in the bull market.
While Hive is cheap, they do not turn their back to a coin that is traded above its long - term support line. The screenshot above only shows the trades on Binance. There is more on LeoDex and smaller centralized exchanges.
What do you think about the performance of HIVE recently?
Share your thoughts below 👇
Hive on ✌️
Posted Using InLeo Alpha
I was expecting to see an answer to the question in the title, but I didn't find it... 😃
I didn't check out the blockchain data on who is buying and who is selling, but it looks like we have more buyers than sellers as the price still goes slightly up...
But who is buying? If I have to guess, I suppose that speculators are buying in the hope of a pump when they can dump their bags... Also, most of the trading action happens on Upbit (if I'm not wrong) and most of the tokens stay there... We need to see tokens going back to the chain, and getting powered up...
If you have a look at the volume on the second chart, this is beyond small investors’ purchases. The long green candles are formed in 5-minute buy orders.
Though the altcoins lose volume, HIVE has higher numbers increasing gradually. Besides, we are at the local bottom that is great to pile up when a token is pretty cheap :)
If I figure it out correctly, it means whales are investing.
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Im actually not looking into the price of Hive right now unless it goes bellow $0.24, my average entry is $0.31 so even at this levels Im fine with it, with all this development the hope is that the platform becomes for rock solid with at least every basic feature existing on W2 social platforms, recently it has been very stable compared to a few months ago but developers need more features thats where VSC comes in, I think the future is bright but might take more than most ppl think, Im ready to wait 5 more years ✌️