Sadly, the price of HIVE is ruled by HBD. Ausbit Bank shows that the HBD market cap fell to $8.9 million. It was well over $10 million at the start of the year.
HBD holders fear the haircut value; so they've converted millions of HBD to HIVE and then sell the HIVE. For example, when HIVE dropped below $0.04, HBD holders converted over a hundred thousand HBD to HIVE. 100,000 HBD converts to 2.5 million HIVE.
The resistance is all the HIVE being created by HBD holders. The market must absorb this HIVE before the price can rise.
This is why I have been against the interest on HBD. What is happening right now was 100% foreseeable when we raised the interest rate to 20%. All of the interest that we paid on HBD was destined to be converted to HIVE in a bear market.
!PIZZA