In my post yesterday I said I was looking for HIVE price to close at or above $0.1690 for further continuation but unfortunately price could only make a high of $0.1684.
Effectively it made a double top and I did say I was weighing on the downside in my post. So congratulations to you if you booked profits on this move up!
We are in a clear downward channel at a high time frame. 2 weeks ago I mentioned the price range for the support before price got there and in my post yesterday I had shown the range for support again in case anyone observed. Now we've tested this area twice already!
Personally, I want see HIVE do a double bottom and move up. Currently price seems to be consolidating after this leg down and there is no sign of strength. So, is there more downside?
If Bitcoin makes an impulsive move down then alts will bleed further. This will impact recovery of alt coins including HIVE which fell some 16% from the recent double top following others in the space.
Many DeFi tokens have been bleeding heavily so its likely to continue further for a while. Any recovery in price has been sold into.
Overall I remain prepared for further HIVE price downside– for starters atleast 14-20% slide is probable in the short term.
Current market conditions seem bad for retail traders who are getting dumped on by the whales across several crypto projects and many investors are as usual unwilling to accept this somewhat hard to digest fact.
Be careful with your investments and trading in these market conditions.
This post is not financial advice.
@tipu curate
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I told you yesterday "I mentioned that the hive didn't have enough momentum to reach 0.20$ and that it could fall to 0.15$ and my prediction for everyone's bad luck came true