It's long looked like Hive was about to bottom only to once again make lower lows. When will this downtrend finally stop? Obviously, I am now more careful to "call the bottom" - but it feels like at some point we have to see some consolidation.
For 1.5 years Hive has been in a brutal downtrend going from $0.7 to around 4 cents - a 93% decline! While the first half of that period was marked by some sort of stabilization around the 20 cents area, the 10/10 crash was the beginning of an even harsher downtrend, taking price from 18 cents to 4 cents - a 75% decline. Since then we have seen price briefly consolidate in the 10 cents, 6 cents and now the 5 cents area - are these 3 stops enough to finally form a bottom?
I genuinely believed that 10 cents could have started a larger trend change and was essentially convinced in the 6-8 cents area when we saw 700+ billion (!) volume daily candles. But for the first time in Hive's history, this huge amount of volume was not part of a bigger trend change. Instead, we saw another steep decline.
I have always argued that Hive would see an explosive upward momentum once we finish this downtrend. It has happened before and just looking at the chart shows that Hive doesn't just flatline. Once it breaks out, it breaks out hard and I don't think this will be an exception. Granted, it does seem unlikely at this point since we just haven't seen and kind of growth for such a long time, but things looked quite bleak in 2021 as well.
I don't want to spread any false hope, but downtrends always have a bottom, unless a project dies. And Hive doesn't look like a project that will just fade away. I could name many others which would be more likely to do so.
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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