Hey team,
It's been 3 weeks since I took a look at the HIVE price action and boy has a lot happened since.
HIVE has ripped above 40c, but I can't help but keep an eye on STEEM above 60c.
That's right, fucking STEEM is at 60c now.
If you've wasted a minute of your life by going to the steemit homepage lately, you'll no doubt have seen the absolute trash getting ridiculously rewarded over there.
Not to mention the only development going on, being focused on bastardising the blockchain alongside Justin Sun's other centralised shitcoin, TRON.
Anyway, I can't help but feel a little jaded that HIVE hasn't outperformed.
It just doesn't make sense, right?
But as the old saying goes, markets can remain irrational longer than you can remain solvent so let's take another look at the two charts side by side and try to draw some conclusions.
Starting with the STEEM daily chart below.
STEEM/USD Daily:
Starting with STEEM, I've marked the chart with a couple of arrows.
The first indicates the top of the pre-breakout range that price was trading in up to February, while the second shows the almost perfect retest of broken resistance as support.
You can also now see that price is retesting resistance from the very first breakout pump.
But has not yet gone through the level.
Now, let's switch to a HIVE daily chart below.
HIVE/USD Daily:
You can see that I've placed the exact same lines on this HIVE chart, as I had on the STEEM chart above.
The initial range top and then resistance after the first breakout pump.
But what catches my eye is that HIVE has actually gone through resistance at the top, even printing a daily close above the level.
While HIVE may be cheaper than STEEM right now in USD terms, the price action is actually much more healthy.
I still believe that a lot of trading across both markets, continue to be driven by bots that don't understand the fundamentals of either chain.
We continue to wait for a shift that is driven by actual users.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.
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Hola @forexbrokr,
Te comparto mi analisis del par HIVE/USDT.
El precio del Hive fue a retestear su ultimo maximo, a los 0.448$, logro superarlo pero la oferta tomo la partida y el precio comenzo a caer de nuevo. Las zonas marcadas es donde el precio ha reaccionado. Lamentablemente el mercado de Hive no tiene tanta capitalizacion, por lo que es muy susceptible. Es bastante probable, de seguir el mercado de las dos principales monedas (bitcoin y ethereum) en rangos laterales, que el precio del HIVE vaya a realizar soporte a los 0.31$.
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HIVE's low market cap means its susceptible to bigger swings in both direction.
But you're right that we seem to simply follow the greater market sentiment rather than moving because of our own fundamentals.
Something that will only change with more and more users.
Keep up that onboarding, LeoFinance!
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Why is STEEM even jumping up like that? There is obviously a community over there pumping and probably dumping? I guess the bull-run reaches most coins. At some stage STEEM has to hit the wall doesn't it?
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They do have Justin Sun and the Korean community.
King of the wash trade and a community who is happy to pump their low supply coins rather than build/create.
It is what it is... for now.
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I honestly don't understand how Steem is doing so well, Hive is 10x better. No sorry 99999999x better
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The content being encouraged is embarrassing. Diary and shopping list games? I mean, come on.
Do you think it's just bot trading volume that pushes them to trade similarly?
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This is an interesting topic and it's one I don't have much knowledge about but think about quite often. These would need to be some pretty rich bots to buy and sell constantly at highs and lows.
I'm not sure if exchanges undertake audits on their operations? I think this is always going to be the danger of trading. If a bot can make things go up it can make it go down.
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Doesn't the fact that SBD is so high influence it too?
Anyway, I am selling my steens that I had saved and exchanging for hives / leo among other investments.
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Hmm, I don't think SBD influences the STEEM price. They seem to trade very separately, with this SBD pump driven purely by Korean traders looking for low cap coins to pump, not actually anything to do with the Steemit platform.
Yeah, dump it.
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I couldn't find a better community and or better projects on STEEM. I thought it was a Korean dominated website and felt a little bit left out. Low Quality posts are getting rewarded ridiculously high. It's a trash can that prints money, but for how long?
HIVE on the other hand is a different ball game altogether. Love it!
Long Term HIVE > Long Term STEEM
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Couldn't have said it better myself.
Exactly how I feel!
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I dread to think how much is driven by bots!
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We just need to increase real users and the fundamentals start to take over on the back of real demand.
One day.
Maybe...
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TBH I can't see anything more attractive as a buy than Hive right now, I have been actively looking for other coins to diversify into but there's NOTHING that's got more potential I don't think.
The only reason I'm not accumulating more is that if the price does go up to something more reasonable, like a few dollars, then I'm already more than comfortable financialy with what I've got!
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And this is not to mention that the SBD (Steem Dollar) is worth $7.54 right now on coinmarketplace. Really a lot of content that is junk, is being rewarded on steemit with SBD at this high value.
And as for HIVE, as you mentioned mate, it looks better than STEEM on that chart. In fundamental terms HIVE should be superior in the medium to long term. Steemit is practically abandoned land. Already most people prefer to use HIVE.
Let's hope HIVE takes on much more value than STEEM.... It deserves it.
Best regards colleague!
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We just need to keep focusing on bringing users to Hive, in turn building real demand for the token.
Not just bot trading following each other.
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STOPThere is a weird correlation between these 2 that I still do not understand to be honest...
If you happen to have a theory, I would love to hear it !
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