Hive is slipping fast this morning and dropped below the $0.50 resistance level.
I am long term bullish so this was my entry point for buying today at $0.468.
We experienced something similar last week with Hive dropping below $.50 and then having a pump to $0.65. So for the last two weeks, resistance has been tested and determined as weak at $0.50. I referenced that spike in this article Hive Spike
Today is similar to my other analysis that Hive is tracking BTC
When BTC spikes or drops, that's what Hive does. The chart above from www.coingecko.com shows the Hive in blue and BTC in yellow. The other outlier is what happens at Upbit. There can be some pump and dump that occurs there as Hive is a favored crypto for trading on Upbit.
Hive volume is well below the pump level. If volume remains low or declines more, Hive will continue to drop. If volume spikes, then price spike will probably follow.
My expectation is that Hive and BTC will rebound in a few days. If I am wrong, I have a second buy trigger at $0.42. Either way, I am happy. A rebound puts me in a good position for a short term profit and a drop to $0.42 will put me in a good position for a long-term hold.
All views and opinions are just that. Make your own decisions, do your own research.