Good day Hiveians!
Join me in analyzing the crypto markets!
So I have been saying that the 2022 bear market ended
As of today I have to amend that statement a bit: the BTC bear market ended in 2022. The alts it would seem have always continued to stay in the bear market... If so, this is an interesting development as previously there wasn't this big of a chasm between the markets here. However, there are of course many alts... ETH is not making any lower lows as well it seems. So to be even more specific: The bear market seems to be confined (for now) to the B and C tiered alts. Unfortunately Hive is among them (even though it shouldn't based on our strong community and ecosystem).
Coins like RUNE, MATIC, 1INCH or AXS are all in a free fall and making new lower lows while others like LTC, XRP or ETH are still quite above the winter 2022 lows. It seems that we are actually seeing a "shedding" kind of event. Depending on the sentiment (the tech underlying the coins is unfortunately not that important) and the "freshness" of a project some alts are now heading in a very different direction than others. If this continues we will actually see many alts go downhill and never recover. Some alts will simply be considered failed like LUNA or STEEM.
If this take on is correct, then it is going to be very important to identify this trend early and pull funds out of these projects. So what about Hive?
Hive
Just a couple of days ago I gave an update for Hive. The "bounce" it seems won't come until at least 22 cents. If so, we would also make a lower low, but only by about 3 cents. This is still much better than many other coins that are now far below their 2022 lows. But Hive has to come back from this fall, otherwise it's looking rather grim indeed and join the other failed projects... I'll do a proper update in the next days.
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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