HIVE Stakeholders like myself have often lamented the fact that HIVE seems have been left behind lately while much of the rest of the Crypto market has caught a bit of a rally over the last year or so. To make matters worse, HIVE has been getting sold off on the dips and today HIVE has made a new low as the support at 30 cents seems to have given way.
Source
I could try and come up with a narrative for this and start bitching and moaning about the action (or inaction) of others in the ecosystem, but I think that’s probably pretty pointless. I still think there are some fundamentally good things happening here but I know enough about the Crypto markets to realise that doesn’t matter much and it’s sentiment that counts more. Technical Analysis is a more useful tool in times like these.
So with the 30 cent support giving way, where is the new bottom going to be for HIVE and will we see a fresh capitulation of the HIVE price? Will we get back to the 11-14 cent range where we sat for much of 2020 or can we find a new support level somewhere in the low 20s? If so, where will that be?
It’s extremely poor timing for me as a Stakeholder who has been holding for many years now. I recently started a Powerdown to balance my End of Financial Year and pay for Bills, so this is literally the WORST time for me to be selling HIVE but my hand is forced. Of course I hope to see a bounce but unless we see a broader rally in Crypto then I suspect that HIVE is going lower.