After a massive run up that saw HIVE go from roughly $.10 to $1, HIVE is trying to find its equilibrium price point.
The point that sellers are no longer chomping at the bit to sell and the point buyers are willing to put some new capital to work.
What that price is exact, is anyone's guess...
Things do look to be leveling out on the 1H chart though:
(Source: https://bittrex.com/Market/Index?MarketName=BTC-HIVE)
As of today, we are getting past some of the contests, the new exchange listings, the wallets opening up, partway through major powerdowns, HBDs trading well above a dollar, and previously "locked" coins now being unlocked.
This is all part of the process of price discovery.
There will be catalysts and "black swan events" continuing to happen as we move forward but what we just witnessed was a confluence of things all happening at once, the likes of which we probably won't see again.
It's all part of the maturation process of a new project and the market trying to figure out exactly how it should be valued.
Not helping things today is the fact that now Bitcoin has all of the sudden woken from its slumber, doing its best altcoin impression:
(Source: https://www.coinbase.com/price/bitcoin
But apart from that, I expect things to start to quiet down somewhat and the price of HIVE to settle in to a certain price range as the buyers and sellers find an equilibrium price point.
As things stand right now, I would not be surprised to see that price point for HIVE settle around the $.40 range or so, which is more or less where we are right now.
The chart is starting to round out, we probably already saw Mr. Justin Sun dump his holdings, those who had coins locked on exchanges are likely mostly free at this point, and we had roughly 6 new exchanges come on board in a matter of days.
Now that the dust is starting to settle, it will be interesting to see where HIVE settles in at. My guess is wherever that level is, it will be at a higher price point than STEEM.
Stay informed my friends.
-Doc
