Crypto markets are on the move again. HIVE hasn't been lagging this time around and probably has been outperforming some other coins in September. Some of us may be used to checking out charts in shorter time intervals to better see movements as they happen. I know I look at the HIVE price on the hourly or the 4h charts quite often, even though the perspective of my holdings are long term.
But while in the short time intervals we can easily see a price movement like the one from today for HIVE, and if we know a little history of these events we can see what it means in the short term, it's also important to take a step back and see what happened in the longer term.
This is the weekly chart of HIVE:
What you see between the lines depicted on the chart in an increase in the HIVE price of 45% during the last 3 weeks, and yet HIVE is still one of the coins that are still below the price point from the beginning of the year, which for me, for a solid project, means it has a high probability to at least go into the green for this year in a short period of time (it was around 33 cents at the beginning of the year).
For the time being, the 1-hour 18% pump from today, followed by a normal intra-day retracement from the top, hit a resistance line on the weekly chart at around 24 cents (the blue line on the chart above). Since the crypto market started to move, it would be great if we'd be able to push through that resistance and turn it into a support. Not necessarily today, but probably soon because the other direction is down and I'm sure people got pretty tired of that in the crypto space in the recent months, especially with alts.
We're getting close to the end of the month, and by the looks of it we'll have a green September this month in crypto, following another one last year. We'd better watch it, 3 is a trend, and the Rektember nickname would start to lose its power. 😀
For HIVE, this September felt more like an Uptober, to some degree under the influence of Hivefest, and later following the trend most crypto market embarked on at least after the Fed announcement with the 50bp rate cut was made.
There is a good chance October will be even better for Hive. At least that's how I see things.
