Hello everyoene,
How are you all? I hope everyone is fine and doing great in their life.
Today I am here to talk about a scenario that probably all of us are waiting for, and that is the recovery of Hive. This is my participation in the India United contest, where I am going to share my plans in case Hive reaches $1 and how I will actually use it for myself and other purposes.
First of all, I have been analyzing different cryptocurrencies, especially Bitcoin, Ethereum, and Hive. If you have followed me over the last two years, then you already know that I have analyzed Hive quite a lot and in detail. It has been a long time since I last looked at the Hive price chart, so maybe today is the right time to do it again.
I want to talk about the possibility of Hive actually reaching $1. To be honest, it is not difficult at all for Hive to reach $1 again. People may think that Hive is struggling even to break the $0.1 or $0.11 resistance, but you also have to look at the history of cryptocurrencies. Many tokens have dropped heavily in the past and still managed to recover strongly later.
So even a 10x or 20x move from here is not impossible in crypto. Even though the market is now more mature, I still think that $1 is a realistic target for Hive when we consider the market cap, historical performance, fundamentals, and the use case that Hive blockchain offers.
Now I am going to talk about what I would do if Hive reaches close to $1.
I do not own a huge amount of Hive, but I currently have close to 1,000 Hive in both powered up and liquid form. I also have around 400 to 500 Hive in liquid form on a centralized exchange where I trade from time to time.
So even if Hive reaches $1, I still would not be holding a massive amount of money. My portfolio would be worth around $1,500 in Hive, and honestly, that is not a life changing amount.
Because of that, my plan would probably be to sell in portions as Hive moves higher from $1 and beyond, depending on how far the market goes. Then, when Hive starts falling again, I would buy back in portions.
I strongly believe that no matter how high Hive goes, whether it is $1 or even more, the market will eventually correct again because that is simply how crypto works.
So instead of spending that money on myself, I would rather convert my Hive into USDT at the right time and later use that money to accumulate more Hive when the market crashes and prices become cheaper again.
Now let us take a look at the Hive price chart.
I am going to share my TradingView chart because that is the platform I personally prefer for technical analysis. It gives a very detailed view of any cryptocurrency.
Clearly, on the chart, you can see that Hive has lost almost all major levels and is currently trading in what I call a bleeding zone. Hive is trading very close to its all time low levels.
If we zoom into the one day timeframe, we can see that Hive is currently struggling even to reclaim the small resistance around 11 cents.
As I mentioned initially in this blog, the 11 to 12 cent area is the first important resistance that Hive must break in order to come out of this bleeding zone. In my opinion, Hive is not even in a normal bear market right now. This is an extreme accumulation zone where people can collect Hive at very discounted prices.
If Hive manages to break above 11 to 12 cents, then the next major resistance will likely be around 15 to 16 cents, followed by the 23 cent area.
Only after reclaiming those levels can we really start saying that Hive is moving back into a healthier market structure. Until then, Hive is still bleeding, and honestly, nobody knows how long it will take for recovery.
The technical analysis currently shows that Hive is in a weak position. Many other cryptocurrencies that also dropped heavily have already started recovering, while Hive is still struggling, and that is definitely something to be concerned about.
But at the same time, the entire market never recovers together. Money flows from one sector to another in phases. That is why I still believe there will come a time when Hive attracts liquidity again and pumps back toward 30 cents, 40 cents, or even higher. Only after that can we seriously start discussing the possibility of Hive reaching $1 again.
Right now, the target is realistic, but it is going to take time. It is not something that will happen overnight.
That is all for this blog. I hope I was able to explain my thoughts clearly. If you want to join the contest as well check the link below.
@indiaunited/indiaunited-new-contest-and-last-1f12d114200f6
I am a big supporter of Hive blockchain and I truly love the platform, but I also do not want to ignore reality. I believe Hive can eventually reach $1, but the current market situation is still very weak. For now, all we can do is wait patiently for the right market conditions and hope that Hive returns to strong valuations again.
This section belongs to the games I play on Hive blockchain. In the screenshot you can see all the attacks used from my terracore base today and they went so good.
I have won a lot of scraps and I think it is because of the inactivity of the players in the game. The game is working fine already so I think players can start playing the game again or else I will get those big loots in future as well.
Thank You
