Chart starting to look hot
Hive has finally broken through the 4-5 cents resistance area and the almost 2 year old resistance trend line. I talked about this more in the last post, but here is a small recap:
In my last post: "Can Hive Break the Resistances" I pointed to current break out levels at the 4-5 cents area. Just the night after I posted we got a pump of 25% - and more importantly, good volume with it. On Upbit alone it was close to 470M (!) and coingecko has it at over $30M. Not too bad... Hive once again showcases that it belongs in the big leagues.
This is the chart from back then:
And this is the current chart:
This week Hive maxed out at around 6.5 cents, well above the resistance area - although price is now retesting it and hopefully will turn it into support. Also notice the volume: On Binance alone it was around 150M for 2 consecutive weeks and on Upbit together it was around 1 billion (!) for that time frame. This is definitely a sign that "something" is happening. To me that something is a bottom signal with an uptrend of volume which is what we generally see for when a trend change occurs.
We also got an unusual pump today with it occurring at 12pm whereas these pumps generally happen at 12am. After more than a 30% move up, price is now back at breakout levels - again, the hope is that the macro resistance will turn into a support.
So far the green channel has provided a perfect top indicator (see last post) with the newest wick reaching around 6.5 cents. I am expecting more volatility throughout the next weeks to months and a stronger and more sustainable pump taking us into the two digit area again.
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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