Hive is currently trading around 19-20 cents. For past couple of months hive have been hovering around 12-13 cents. Hive seemed to be lot stable than pegged coins and was continuously losing value over BTC in a bull market. But at the End of January something weird start happening.
Hive started to rise a little and testing 15 cents level but faced resistance. In a few days it again tested same but in vain. Probably on 4th of Feb, it tested 15 cents again for the third time in a fortnight, and miracle happened. Previous resistance of 15 cents turned into support level. Within next few hours hive started testing 17 cents, seems weird but again taken down by dumper. 15 cents still seems a good support. Around 6th Feb hive again tested 17 cents but in vain. But now something known as a descending triangle shows up. We started seeing lower highs & higher lows for next couple of hours. This is a symbol of bear market & if hive didn't come out of it near support level of 15 cents, it would go down.
Source
It's 8 Feb and Tesla declares 1.5 Billion$ worth of BTC in their assets. Also, Tesla will be accepting BTC as payments in future. The news spread fast & BTC went to it's ATH of 47K$ in no time. That's like 20% from 38k$. This also helped hive in breaking out of descending triangle and reach a new ATH for last few months. Hive went near to 21 cents and resistance came over. but currently it is trading around 19 cents.
Question: Will last few days resistance of 17 cents prove to be a support level if hive comes down? To me 15 cents seems to be a good support level.
This is not an investment advice. Also I'm not a technical analysis expert but just a starter in learning it. Please do your own research & only invest that you can lose
Regards,
@khan.dayyanz
gif by @doze