Good day Hiveians!
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Hive has been gaining momentum recently
In the last post I talked about the triple resistances facing Hive. All of them were overcome, but only temporarily so. On the weekly chart, only one could be overcome (which was the most important one), but so far it looks like Hive is running out of steam. This would be unfortunate as a rejection at current levels would lease price running back to 30 cents, and possibly even lower. But that smells like bear market stuff, and I am very confident that the bear market ended in 2022. Let's have a look at the charts. First, these are the 3 most prominent trend lines stopping Hive from heading higher:
Now the current chart:
Only the first line (now shown in blue) has been overcome. The other lines are still standing strong. Note, there was a brief attempt to overcome it when price touched 40 cents. What I am seeing here is a very close repeat of the spring price action, but on a smaller scale.
Two impulse waves and then a longer correction taking price lower:
But(!) there is a difference: in spring the first wave was higher and all of the subsequent attempts at breakout reached lower highs. This time in summer we are seeing that every wave is making higher highs. This is overall encouraging, but as you can see price is currently hanging by the threads. It won't take much to make Hive dip, taking us back to the macro support at around 0 cents.
Conclusion
While price has clearly been rejected once again at crucial levels, the recent price action leaves hope that a breakout could soon occur. If it does, price will very likely head to 50-60 cents. If that does happen, we can take another look at the bigger picture. If it does not, Hive will probably continue to consolidate in the 20-30 cents range in the coming months.
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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