The price of HIVE has been going up over the last 4 weeks. These four green candles have something to say in the technical charts. Obviously, the market is getting into the phase that Bitcoin swings in a short range, such as $60.5K - $64K, and the altcoins start to gain value as a result of people taking profit from Bitcoin trades.
Though most of the people see the charts in the USDT pairs, the veteran investors care about the performance on X coin / BTC charts too. For the Layer 2 or coins in a certain ecosystem, ETH, SOL, or AVAX pairs are also used to forecast the potential dip or top levels in a crypto.
Today the meme coins started to rise again as an indicator of a possible alt season, which may continue during March, and even the least active coins, XRP and IOTA, showed some sign of life.
We might be entering the long - expected term in crypto.
Alt Season Impact on SocialFi
The Whales Market is an OTC platform where you can sell your points, tokens, or crypto before they start to be traded on exchanges.
Today I was surprised to see that the Friend Tech points are traded as high as $1.35 and the bids are around $1. I think the launch of Friend Tech will again boost the attention on the market.
The project has lost its reputation but it is still one of the " hyped " SocialFi projects. In crypto, the coins move in the same direction. A single positive sentiment in Friend Tech initiates a domino impact on the market by affecting the price of Hive and other coins.
HIVE Gains Value Again
The chart looks promising in almost all timeframes. To go up further, we need to close the weekly candle above $.38 - $0.39 as it will be a good sign of recovery. Whenever HIVE is above $0.40, the price tends to test higher levels but it works as a strong psychological resistance.
HIVE is above 20 - month Moving Average ($0.38).
The RSI also shows a positive sentiment by swinging above the moving average.
The weekly chart reveals the sentiment much better.
The triangle is broken above with a big green candle with volume. All we need is a weekly close at a nice price. Now, HIVE is around $0.41 in Probit, a Korean Exchange, but 2 cents lower in Binance. I hope the price approaches Probit on Sunday at midnight.
Weekly resistance by MA - 200 is around $0.48, it may take some time to break above it in the short term. However, testing that level would be a great sign of recovery, too.
The best thing is that HIVE is above the moving averages in 4 - hour and daily charts too. If the coin takes the wind behind, a 2x before a correction in crypto is highly possible. Let's see how well the crypto market will perform before a massive take profit in the markets.
What do you think about HIVE's recent performance?
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