With each leg down in Bitcoin, it has pulled all the altcoins with it. However, I have noticed that with Hive it was not staying down. It started testing the trading ranges straight away and seems to be looking for any excuse to go back up.
We can actually see in the last few days with Bitcoin weakness, Hive has actually been strengthening against Bitcoin.
So although Hive is still a bit cheaper, it seems there is lots of price resistance at this level and it doesn't want to break down further.
Most Altcoins are moving down more than Bitcoin although some others are slightly reversing the trend now to like Litecoin:
You can see that Hive has a 30-day gain over Bitcoin compared to Litecoin's just 7 days.
We can see the climb Hive has made against Bitcoin in the last 5 days is pretty amazing:
There has been a big move up from 0.00001500 to 0.00001850 that we are trading at now. It had even reached 0.00001950 as you can see from the recent peak.
This could be a temporary rise and Hive could move strongly down with Bitcoin, but there seems to be strong buy pressure and if some are waiting for another big leg down in Hive, they may be disappointed.
With the lower price of Hive, each move down actual vs. % will be less profound.
My targets
Early on I set myself some buy targets for Hive. Two targets I have are $0,25 and ~$0,10-13.
The first target would require a further ~24% fall in Hive which is quite a big ask, but I would say the probability of reaching this is by my gut feeling (totally reliable lol) 70%.
The second target would require a ~50% fall in Hive which I see as less probable and would need to see something pretty bad happen to get there which we wouldn't want to happen.
Summary
While I would like to be able to pick up some Hive on the cheap, it is a good sign that Hive is showing some good resistance to these low price levels.
What do you think of the current Hive price action?
Thanks for reading.
Resources:
Title image created with graphics used with permission from @doze
As indicated, charts taken from source
Price data taken from source
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