HIVE is finally starting to see some bullish price action, I say finally because many altcoins and bitcoin have been going bonkers for weeks and months now with HIVE mostly not participating.
However, just in the past few days, that appears to be starting to change.
Check out the chart:
(Source: https://www.tradingview.com/chart/?symbol=BITTREX%3AHIVEUSD)
This is a daily chart of HIVE on Bittrex.
It shows a bunch of touches off of the $.11 level before finally turning back upwards, pretty much textbook reversal type stuff.
The sellers finally ran out of supply to sell and the price moved up off of long support.
Given the amount of touches on that support level without the ability to move higher also smells of accumulation or manipulation, but I won't get too much into that.
The gist of it is that those looking to sell look like they are done, and the buyers are back in control.
This is where the crystal comes in handy that I don't have...
Well, the last time HIVE had buyers in control it eventually was run all the way up to a dollar which is more or less where these charts start at considering that was around the time that HIVE got a USD pair on Bittrex.
There appears to be some minor resistance in the $.30 area based on the chart above and this one here:
(Source: https://www.tradingview.com/symbols/HIVEUSD/?exchange=BITTREX)
But given how little price history there is here it's tough to say exactly how much resistance there will be in that $.30 area.
My guess is not much.
During these altseasons there seems to be stages to them...
The first stage sees the blue chip alts go crazy and then eventually that spills over into the midcap altcoins for a period of time before eventually spilling over into the smaller cap altcoins.
Based on HIVE's size currently, it's probably closest to that third group.
Which means the spillover may just be beginning right now.
If bitcoin behaves, and that is a big if, I suspect HIVE is going to see very bullish price action over the coming weeks and months.
Fearless forecast?
I say HIVE goes over a dollar again at some point by July of this year, and if not July probably at some point by this time next year.
Yea, I am really nailing myself down to a specific time eh?!
What do you say for peak HIVE price this year?
Stay informed my friends.
-Doc
