Welcome back,
A day ago I came across a blog where the possibility of hive to reach $20 in future was highlighted. Here we will try to learn about where hive can finally reach by the end of this bull run and I am just going to keep my views here but before we move on, I want to say that I respect counter views as well and its ok if there are people who will not like to agree with my views that will be shared now.
Above there in the picture we all can see few important information about the hive token. This includes the current price, market cap, and token supply information. The current market cap of hive token is 98.49 million dollars which makes it fall under a low cap altcoin. Low cap altcoins are those where we can expect a massive pump of 5-10X easily during the bull run. Last bull run was great for hive token because it took hive above $3 mark.
The question is can that happen again?
We are very close to the lowest price of hive and as we are not doing any technical analysis here right now we will just go by the possibilities. A 5X pump from here will take hive to $1 and for that hive token must have enough volume at the market. Currently the trading volume of hive token is above 2 million dollars and if it get's a boost of 5-10X we can see a nice pump in the hive token after that. Why is volume really important? We will understand that next by seeing the volume comparison of hive when it reached above 3 dollars in previous bull run in the year 2021.
In the above screenshot we have market a particular date which is 7th October 2021 and that was the time when hive was trading at 0.99 dollars and you can see that the volume at that particular day is 1.59 billion dollars. When the volume increases and price sustains it means there is a buying pressure and it is indication towards whales trying to collect a particular token for a massive pump in coming days or weeks or maybe a month. We will share another scenario and this time take a look at the volume when price pumped massively for the first time and reached 2.6 dollars.
There we see that the volume is 1.1 billion dollars and you might not believe but the volume just a day ago from this massive pump was only 54 million dollars.
It took almost 20 times volume to pump hive from 1.48 to 2.6 dollars and right now we are very low at the volumes and that is why it is difficult to expect a pump like that unless and until we start to see volume getting injected to hive token on a regular basis which can then indicate towards a massive pump for the future.
Even the pump we witnessed last year in December was seen after a massive increase in volume took place. You can see that it was 800 million dollars at that time.
In January 6 it reached above 2 billion dollars and the price was 0.59 dollars at that time followed by the peak price on January 7 where we saw hive reaching 0.65 dollars and the volume was more than 600 million dollars at that time. So all I am trying to say here is that in order to reach new all time high hive still needs a lot of volume which is possible as we have seen in above examples already. It has to be good big volumes on a regular basis for us to see a pump like 2021.
If you have CCD tokens from Crypto Company you can stake then and earn HSBI. I also found that yesterday when I was going through some blogs and as I am following their account as I myself invested in CCD long back I saw their post and thought of sharing it here in my blog.
Thank You and Happy trading everyone.
