Looking Good So Far
In my last post about Hive, it looked as if Hive was about to make a bigger move after breaking the 1.5 year long resistance. Here is the chart from back then again (note that price is in KRW):
Around 3 weeks later, we now have the confirmation that this seems to be part of a longer uptrend movement. First, price has printed several green weekly candles and second, volume has risen significantly as well. Since this chart is from Upbit, the weekly volume candles carry around 500M Hive each (!).
So, if this is part of a trend reversal: what's next?
I guess my main premise is that we might see a repeat of the 2020-2021 movement. The set up is very similar as we have seen a dramatic price correction - a bottom - as well as the beginning of a stable uptrend. This also happened after breaking through a long resistance trend line.
If so, I think it is plausible to assume that we will get a very good run taking us to the next bigger resistance. The obvious target for such a resistance is the ~20 cents area. First, this is where we see a trend line coming from the previous highs, second, there is a trend line which used to act as a support from the previous lows. Both also align in Q1 of 2027 - which has often been a strong period for Hive. A run up should also be confirmed from the higher volume candles.
As you can see, this would also suggest that price would fall sharply back to perhaps under 10 cents again. Unfortunately, that is just the "nature" of Hive; it is very volatile and strong impulse waves are always followed by stark corrections.
However, should price continue to pick up in the coming weeks, this might be a fantastic opportunity to unstake/sell Hive at the top before buying it back at the lows. Personally, I will start to unstake some Hive should this pattern remain confirmed.
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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