2 weeks since my last update on the price and since then HIVE further consolidated and made attempts to get back to higher prices. However, before you raise your expectations, know that any major pumps is likely to get sold into as usual.
Given its inflation and heavy sell pressure historically, HIVE is unlikely to do a massive rally anytime soon. Especially one that seems uncorrelated with the condition in the rest of the crypto market where most tokens have been under correction in recent times. HIVE has made only one sustained attempt in recent history at higher prices and it failed and hence we are here today.
But, I fully expect small pumps 10-20% to keep coming as is common across altcoins. But this time I'm looking for price to move back towards previous major support of $0.20 cents which is now a major resistance in the short term.
I usually begin with a higher time frame outlook but today we'll look at the lower time scale. While i'm writing the post, HIVE price seems to be attempting to break this double top pattern seen on the 2 hour time frame.
I want to see the price break and close above price range of $0.1674-$0.1690 (two recent highs at lower time frame) and I'm looking for an 8 Hour or higher TF close above this range for more upside. Daily close above this would be ideal as it will add to the change in market structure. But I need a strong bullish weekly close and we aren't quite there yet.
However, the buy pressure has also slightly declined over the last few hours and overall traded volume on Binance for example is still very low compared to what i've seen in the past for these moves.
Most of this move seems to be fuelled by Korean exchanges such as Bithumb (representing over 30% of all volume) with Binance and others simply playing catchup.
I'm aware that more buy volume can certainly come in at a later time across many exchanges but with HIVE the general expectation of sell-side pressure coming in strongly to drive price back down is more probable.
However, the support level indicated in my previous post held up extremely well. Price made its move down right into the middle of the support level range I had indicated for Binance and we're up 19% since then.
Reveal spoiler
Huobi has disabled deposit/withdraw function and I believe this is reflecting in the price on Huobi. I've observed higher traded volumes there in the past during these moves.
As you can see there is a difference in candle body and overall structure between Binance and Huobi charts. If you have Trading View you can compare both yourselves. However, I still hope to see the price break above towards a move to test the $0.20 cents resistance area for starters.
As someone invested in the long term growth of HIVE I want to see a rising price as HIVE has been in the dumps for too long already. We have a hardfork scheduled as well so let's see how that goes and hopefully Huobi will enable deposit/withdrawal soon enabling access to HIVE to a greater number of users.
I'll post another update on HIVE price soon.
This post is not financial advice!
had several ups and downs this week, but it did not vary more than $ 0.01 in its price
Posted Using LeoFinance Beta
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Late update for me. 15-20 min. pehle hi bech diye.
Bittrex ke wallet bhi maintenance me hai isliye Binance par beche. Anyway, let's see. I'm about to buy some UNI. Any update on it is welcome.😊
Thanks!
He has already tried 3 times to break the resistance in 17 cents, I think he will try again to break it in the course of the day since it is getting weaker and before reaching 20 cents he should first break the 18 cents which is also a strong resistance.
The volume has been increasing little by little, but at this moment the RSI shows that it is overbought, so I fear that it will go back to 0.15$ and then grab a strong momentum to reach 0.18$.
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I'm a bit afraid that with the current inflation hive goes to zero like every currency did with inflation in history ...