Not the best days for HIVE price for a couple of reasons. Exchange wallets are down for the most part and trading volume currently remains concentrated on Bithumb and couple of other small exchanges. However, the trading volume on exchanges like Binance and Huobi looks dead to me.
Before we get there a quick update on price.
As you can see, we had a failed breakout from downward channel and have been consolidating ever since exchange wallets went down and trading volumes declined sharply.
My levels required for upside have remained the same for many weeks now and price has been consistently rejected as it got closer to it, failing to break it, let alone flip resistance into support.
This hourly time frame shows you how illiquid the HIVE/USDT market on Binance has become. We used to have around half a mil in daily traded volume on a decent day before. It's down to just $18K. That's probably over 95% decline in 24 hour traded volume on one of the biggest exchanges.
This is a bit worrying because we don't want HIVE to get delisted from any of the current exchanges. However, I expect the volumes to come back once the exchange wallets are functional.
See this screenshot if the one above isn't clear. HIVE/USDT, HIVE/BNB and HIVE/BTC markets look dead to me. I don't care much for BNB markets but the USDT and BTC markets look so dead in terms of trading volumes.
Ideally i want to see atleast 200 BTC per day for btc markets to consider the pair worthy of trading. Lately, this seems to be a tough ask for many alts. $10m is low but you can still trade small sizes without too much spread or slippage in USDT markets. But greater the liquidity the better it is! Such low liquidity won't attract traders for sure.
Anyway, not expecting much until wallets are functional and volumes come back on exchanges. Let's re-visit this soon.
This post is not financial advice.
Anyone hear any info ( insiders?) - when those exchanges reopen deposits/withdraw??? It's been 10 days or so...it hurts !
Posted Using LeoFinance Beta
Why hurry?
I'm waiting for 5cent hive to reenter.
Posted Using LeoFinance Beta
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