My last update on Hive is already over 2 months old and I think it's time for a review and outlook. Back then, I argued that Hive could be close to finding a bottom. Although, it was and still is clear that Hive doesn't really have any support on the chart. The hope for a turn around mainly comes from the similarities from the 2020/2021 crash and the resulting pull back up. To me the chart looks like a similar set up. Back then I gave this (rough) outlook:
As of today Hive, along with the entire crypto market, has shown some strength and has in fact bottomed at the 3-4 cents mark (so far!). When we zoom in a bit there are two main resistances which could result in some explosive growth if they are be broken.
One can be seen in the daily chart:
The other in the weekly chart:
In other words the main resistances are in the 4-5 cents range. Hive and most other coins generally show explosive growth once these macro resistances are broken. Both are now close to two years old and the longer price is kept under them, the more volatility generally follows when they are broken.
So far we haven't really seen any real volume spikes, but I would expect that they would appear once we see some bigger price spikes. This brings us back to the first chart: is it realistic to see Hive's price going back to the 20 cents area?
Personally, I think this is exactly what will happen should the wider market sentiment allow it. If Hive is starting to show this upward rally, I will also start powering down some Hive since Hive normally crashes hard after some bigger gains. But for now, we wait.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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