The Hive token just pierced through a diagonal resistance at $1.15 today reaching as high as 1.57. It was up as much as 120% today putting SHIB to shame. As seen from its weekly chart, it formed a cup and handle pattern and broke out of it. The cup and handle is, perhaps, one of the most popular bullish patterns out there. Aside from that, it also broke out of a bearish divergence on the weekly chart. This all spells bullish for Hive.
Looking at the daily time frame, however, the DNA of the Hive token suggests that it pulls back every time it forms a large candle with a large wick at the top. See the red circles below. After rallying for days to weeks, or after breaking out, it usually forms a large candle with a large wick. This is usually followed by a pull back or correction that lasts for days. I am not sure why this happens but do Hivians tend to sell their Hive tokens on these days? Hopefully, someone out there can enlighten me.
Anyway, as it broke out of a cup-and-handle on the third try, Hive can hopefully hover above its breakout point, $1.15. Let’s all wait and see. As usual, this is not financial advice and DYOR.
