Three days ago the price of HIVE reached $0.70 and the 24 hours volume at that time was of over $600 million. That was about 3x the total market cap of HIVE at that time.
The pump was led by the Koreans, as the trading volume showed us, and it's not the first time the Koreans are at it this way. We've had similar pumps and dumps before as well.
I call it a pump and dump because as you can see in the screenshot above the price of HIVE fell from the $0.70 high it reached three days ago to as low as $0.45, but it hasn't returned to $0.40(the starting point). At least that's where it is currently, but we have no guarantee it will stay there for too long.
The market as a whole doesn't look too sustainable and if Bitcoin shits its pants, HIVE and all the other altcoins will do the same.
However, we might be in a situation right now where HIVE hasn't actually dumped all the way to its pre-pump level of $0.40, despite the sluggish market conditions. The volume coming from Upbit right now on the HIVE/KRW pair is of just $14 million and it was over $300 million three days ago. Hence the Korean game might be over.
So, where is HIVE heading now?
I'd say not much lower, unless the whole market dumps, in which case we can forget about the Korea pump. BUT if the market decides to go North chances are HIVE will do the same, starting from this level and not the $0.40 it has lifted off from a few days ago.
What do you think?
Thanks for your attention,
Adrian
