It happens, but not often
Short squeezes, are something we all have heard of, it happens when some people have short bets on stocks or other activa, like crypto, and they get rekt when other people drive up the price, and their shorts get closed because of the drying up liquidity.
But today on Hive, the complete opposite happened. A few major traders on Hive had sell orders for Hive at 0.80 $, as they said that was the major support line for Hive and a magic number to watch. I Hive was heading below that, pandemonium was on its way to the Hive blockchain, and Hive was going to drop to levels like 0.11 $. So, a ton of people put sell orders at the 80 cent mark. And then it happened, a long squeeze, not so common as a short squeeze. Once Hive price reached 80 cents, it dropped like hell straight to 70 cent, because of so many sell orders pushed through at such a short timeframe. But once those sells were gone, the true hodlers bought some very cheap Hive (like me ;-) ) at a prices between 70 and 75 cents. A bargain, and I am very happy with that. In the meantime, Hive has recovered from this long squeeze and is back at 82 cents.
Very interesting times in the crypto sphere, and I must say, it's a joy to watch this all unfold. Others may think otherwise, but I don't care, I playing the long game here!
Sincerely,
Pele23
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I can see it going lower for a short amount of time. Might set some buy orders at the 40 cent marker.
Mmm, after what I saw today, I am pretty confident we hit the bottom
The famous last words of cryptotraders.... haha
Hehe, I said “pretty” there 😉
Great to know that you have gotten hive at discounted price.
No need to Panic, in the end Holders are the winners.
I always love your content, thanks for taking a look into this and sharing some perspective. I’d still consider myself new to the cryptosphere, but I’ve sharpened my teeth and hardened my HODLing skills on other battlefields…I’ve learned that whole “zen in volatility” mindframe, so I look forward to riding this wave with you and the other diamond-handed Hiveans!
Anyway, as a newbie to crypto, I really enjoy learning from works like yours. Thanks for being a part of that!
It was indeed a long squeeze. I still feel like there's more room for the downside, but at some point we will reach exhaustion.
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It is possible, but unlikely in my opinion
That 80 cents floor was something a lot of people were talking about. I guess some people were not happy when they opened up their account today.
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It is now around $0.81. I hope no more decrease. I would like the price of HIVE stay around $1. It is like a psychological threshold to me.