Crypto Analysis | The Hive Spikes Are Back!

Good day Hiveians!

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Hive Spikes? Its my way of talking about volume

Ever since Hive entered its corrective phase when it peaked in November 2021 I saw a concerning trend: Hive almost completely lost its trading volume. For several months there way almost no one trading Hive it would seem. Most of the volume occured in 2021, but even in 2020 when Hive was in a strong downwards trend there was still decent volume. But compare this with 2022, there is almost none to speak of.

This is concerning because it obviously means that less people are trading Hivee which in turn could mean that more people were losing interest. I even speculated that most of the volume in 2021 could have perhaps come from only several entities as the way in which the price moved was mostly on a "pump and dump" scheme. This by definition almost excludes a large number of people trading a coin.

While not completely obvious in the weekly or daily charts, the volume is back up after the big crash to 34 cents. It's best visible in the 4h chart as you can see here:

With the return of volume (again, it is still only a fraction of what we saw in 2021 and 2020), we once again see the "spikes" in the price chart which were largely absent over the last few months. To me this is good news as it means that more people or some entities with larger bags are more actively trading Hive again.

When we compare Hive to Bitcoin we can see that it largely underperformed (depending on where one starts the chart) since the great correction after November 2021. This chart shows the decline from February onward. Hive like all altcoins corrects especially hard against BTC as is visible in the latest crash.

However when we look at the period after the crash a different picture emerges. We can see that Hive actually outperformed BTC in a pretty big way.

Comparing the both coins in a chart paired against each other gives us this picture below. It is very good news that Hive could hold onto the horizontal support. This might be all Hive needs to avert the otherwise brutal downward trend. If it can hold onto this level, I think Hive could continue to rise against BTC.

I am expecting Hive as well as the crypto market to continue upwards for a couple more weeks before continuing the correction. In other words, I think we could see a high of 70-80 cents for the end of July and then perhaps a correction down to about 25-30 cents. Or to put it in another way: we are probably in a bear market rally.

As outlined in the post linked to above there is also a chance that Hive could stay above 40-50 cents, but that entirely depends on Bitcoin's movements.

As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!