Chart starting to look hot
Hive has finally broken through the 4-5 cents resistance area and the almost 2 year old resistance trend line. I talked about this more in the last post, but here is a small recap:
In my last post: "Can Hive Break the Resistances" I pointed to current break out levels at the 4-5 cents area. Just the night after I posted we got a pump of 25% - and more importantly, good volume with it. On Upbit alone it was close to 470M (!) and coingecko has it at over $30M. Not too bad... Hive once again showcases that it belongs in the big leagues.
This is the chart from back then:
And this is the current chart:
This week Hive maxed out at around 6.5 cents, well above the resistance area - although price is now retesting it and hopefully will turn it into support. Also notice the volume: On Binance alone it was around 150M for 2 consecutive weeks and on Upbit together it was around 1 billion (!) for that time frame. This is definitely a sign that "something" is happening. To me that something is a bottom signal with an uptrend of volume which is what we generally see for when a trend change occurs.
We also got an unusual pump today with it occurring at 12pm whereas these pumps generally happen at 12am. After more than a 30% move up, price is now back at breakout levels - again, the hope is that the macro resistance will turn into a support.
So far the green channel has provided a perfect top indicator (see last post) with the newest wick reaching around 6.5 cents. I am expecting more volatility throughout the next weeks to months and a stronger and more sustainable pump taking us into the two digit area again.
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!
Check out the Love The Clouds Community if you share the love for clouds!
I kind of feel that fundamentally the negative feedback loop might turn into a positive one. Price going down = people leave, less excitement, HBD conversion pressurre...
This to the point where very few people are left and some of the long-term people start accumulating and increasing their stake. As less people are here, the ones left get higher post payouts, this brings some excitement, price that slowly goes higher, potentially more new people coming in, metrics going up and price rises higher.
unfortunately Hive still has too many fundamental flaws that haven't been fixed so it feels a matter of time before it all starts coming down again at some point.
interesting take... ofc that would also mean that AI farming shouldn't replace those people (not sure if Hive has a problem in that regard).
What I noticed a lot is regular users running a post into an AI letting it make a reply I guess in an attempt to get an upvote there. It's actually really annoying.
This fakeness where it's all about trying to extract some value here on Hive remains a key issue that would be nice if there was some kind of countermeasure. It's actually funny, so many accounts now, who for years never posted a single movie review all of a sudden becoming full-time movie reviewers just because there are good upvotes attached to them from scrobble.life.
Anyway, let's hope the Hive run started. I started cost-averaging more once the price went below 0.04$ and I kind of hope for a small pull-back to continue it.
I guess Hiverwatchers are preventing bigger exploits, but I guess it's impossible to stop it.
High hopes, at the very least.
Let's keep believing in better days.
That would be amazing for Hive to reverse its trend and go on the positive side. There was some bad sentiment building on it and maybe will get some grace back.
One can hope. I am hoping.
I hope more bigger pumps will happen this year
I think for any sustained macro reversal, HIVE needs to flip the 50W MA and trend above it.
When BTC did its Macro W1 in 2023, the move from 15.5k to 32k (yellow circle), HIVE and most ALTs were still capped by the 50W MA. The same structure is repeating now..
good point, definitely possible... perhaps one difference to 2023 , however, is that Others/BTC could be breaking the 4 year long resistance which would probably pump all Alts... but a rejection would be brutal
El mercado muestra un volumen on‑chain de casi 1 billón en Upbit y 150 M en Binance, lo que indica acumulación tras el breakout de 4‑5 c. Ese wick que alcanzó 6,5 c parece estar convirtiendo la resistencia en soporte, aunque la volatilidad intra‑diaria (el pump a las 12 pm) sigue siendo atípica.
It is a very good sign that Hive is now back at the 5 cents area
Tipo, esos 470 M en Upbit y 150 M en Binance por dos semanas me dejaron pensando si ese impulso es real o solo hype temporal. ¿Xq creés que la resistencia de 4‑5 ¢ se mantendrá como soporte ahora que el precio está rondando los 6,5 ¢?