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Hive Is One of the Biggest Underperformers this Cycle
Being barely above the ATL of the bear cycle (being ~25 cents), it's understandable that many are frustrated and angry at Hive's performance. It's clear that Hive has been left behind and the HIVE/BTC chart indicates that there is still quite a bit of room left to fall. You can see this here with price breaking down of the falling wedge:
However, I do think that the bottom has to be in eventually. It would be crazy if Hive would just keep falling; in fact, that never happens unless the project fails. Luckily, we are far from that and it's actually quite the opposite. 2024 is shaping up to be an exciting year for Hive with everything that is coming! I wouldn't be surprised to see a turn around in the next months. Nevertheless, I have doubts if Hive can surge above previous ATHs. Until recently I had no coubts about Hive being able to achieve higher highs and break $3 again, but until we see an inflow of capital and an increase in volume, I will remain somewhat bearish.
HIVE/USD
Hive is about to make contact with the macro support again (thick blue line). That is rather remarkable as we shouldn't be anywhere near here at this time of the bull cycle. But as you can see, I am expecting the peak for the bull at the end of 2025. so there is still quite a bit of time left. But even a 10x would bring us barely near ATHs, so I hope we don't wait for next year to start moving up again.
The purple line is important as well. It is the resistance of the peaks of the bear cycle. Hive has now once again fallen under it; it's clear that we have to get above it fast. Should Hive fall under macro support, it would be quite a disaster - let's hope we don't go there.
The best we can hope for I think is for Hive to remain in this converging wedge. A breakout would become more and more likely, and in a bull cycle that should be a breakout to the top...
With Hive now again at 31 cents, it doesn't look like we will have to wait very long to see if support can hold. There is another one (thinner blue line) at around 28 cents. That may actually happen... In any case, do not expect a major move to the upside anytime soon (earliest in spring?). For now it would be great for Hive to be able to at least keep the 30 cents area.
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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