How are you all? I hope you are staying patient in this volatile market situation. Today, I personally spent some time studying the current chart and on-chain data of #HIVE, one of the most popular and powerful fundamental projects on Binance. I would like to share with you some of my observations on HIVE's movement in today's market and its future potential.
Looking at today's chart, #HIVE is currently trading around $0.0995 and is down about 5.87% in the last 24 hours. When I was analyzing the 30-minute chart, I saw that the price is below its moving average (MA) lines, which indicates some bearish pressure in the short term. In particular, the MACD indicator is in the negative zone, which indicates the dominance of sellers. But the interesting thing is that the price is trying to find support at $0.0993. If this level can hold, then we can see the possibility of a reversal or turnaround from here.
Although many people are panicking and selling, I have found some very good information by analyzing Trading Data or money flow. My research shows that today, ordinary or medium traders are selling a lot (outflow of about $800,000), but Large Holders or whales are buying on the contrary. On a large scale, there is a net inflow of about $515,000. This means that while ordinary people are getting out of the market in fear, smart money or big investors are accumulating or depositing this dip coin. This can be a strong indication of a big movement in the future.
Talking about the future prospects, #HIVE is a Layer-1 blockchain and its all-time high (ATH) was around $3.41. It is currently trading very close to its all-time low. Fundamentally, it is quite strong and its market cap is only around $50 million, which seems quite undervalued in the crypto market. My analysis says that the current price could be a strong “buy zone” or accumulation zone. From here, if Bitcoin sentiment turns positive and HIVE can break the resistance at $0.106, we could see it in the $0.12 to $0.15 range very soon.
In conclusion, there is nothing to be disappointed by today’s decline. According to my research, smart money is now taking entries, which is a bullish sign in the long term. However, since this is the crypto market, I always recommend adhering to risk management. I am personally thinking of taking some entries at this level and planning to do DCA step by step. Please let me know what your opinion is or what you think about HIVE.