Hello traders,
I hope you're all having a good day.
Today, let's dive into a technical analysis of HIVE cryptocurrency, examining key levels and trends across different time frames.
Starting with the 4-hour time frame, There is a prominent resistance level at approx. 0.3420. Price action has consistently reacted to this level, indicating its significantly important level.
But, the support level lies at approx. 0.3300, providing a floor for potential downside movements.
Zooming into the 1-hour time frame, there is the support and resistance levels as you can see in above photo. Additionally, we identify an intermediate level around 0.3340, acting as a buffer zone between the two major levels. This level may serve as a pivot point for short-term price action.
On the 15-minute time frame, as it attempts to breach the 0.3420 resistance level.
However, each attempt has been met with rejection, indicating significant selling pressure in the vicinity of this level.
Sellers are actively defending their positions, as evidenced by the volume bars.
In conclusion, the 0.3420 resistance level remains a critical barrier for HIVE cryptocurrency. If this level is successfully breached, it could signal the beginning of a strong uptrend.
Remember, technical analysis is a guide, not a crystal ball. It provides us with clues and signals, but the market is an unpredictable dance partner. Keep a keen eye on these patterns, and don't forget to factor in the broader market sentiment.
Thank you...
