After running from roughly $.10 to roughly $1.00, HIVE has pulled back to the point it is starting to look like a buy again...
It's currently trading at $.34 which is a long ways off from where it was, though many will point out that it is still quite a bit higher than where the run started around $.10...
Yes that is true, but in terms of trading, resistance often becomes support and we are actually getting very close to what would have been previous resistance...
And that is the previous all time highs...
(Source: https://www.coingecko.com/en/coins/hive)
Prior to HIVE going on that massive parabolic run, the previous highs were right around $.33.
This happened shortly after Bittrex had listed the coin and right before Upbit started dumping all their airdropped HIVE coins all over the place.
And as mentioned above, previous resistance can often work as support once it is broken.
In this instance, when prices blew threw that area, there is likely to be some "memory" on the charts at that price point, which is more or less right where we are at today...
(Source: https://www.coingecko.com/en/coins/hive)
Given this possible support area, combined with how much we have pulled back from the highs, it may be a decent spot to start dipping your toes back in and picking up some HIVE.
One thing to keep in mind though, if you are going to do so using BTC is that that chart may still have some more room to "drop" first...
Though, that may also mean bitcoin has more room to go up first, and not necessarily that HIVE has more room to "drop".
But in BTC terms there is some room there before a support area...
(Source: https://bittrex.com/Market/Index?MarketName=BTC-HIVE)
Anyways, as always, this isn't financial advice but just the opinions and thoughts of a random dude on the internet.
Make your own decisions with your own money.
Stay informed my friends.
-Doc
