Hello, dear members of LeoFinance!
Today, I would like to write another Technical Analysis on the price chart of HIVE. Last time, we were able to spot the potential price increase.
So, in the 4-hour chart (4H), HIVE/USD has formed a Descending Triangle (potential trend continuation pattern of medium reliability):
As can be seen from the chart, right now, HIVE/USD is in the final part of the triangle. If it is not able to exit the triangle in the upward direction and the price continues to decline then a Bullish Flag may form. It is another common trend continuation pattern.
However, I would like to outline that in the daily chart (1D) HIVE/USD has already dropped below the lower line (trend line) of the Ascending channel - a signal indicating that if HIVE/USD does not get back into the channel soon then the potential uptrend renewal may not happen in the near future:
Moreover, the price has also dropped below the 30-day Moving Average. That's why, in my view, the chances are declining that HIVE will be able to renew the uptrend soon.
If HIVE/USD is not able to return to the channel soon then, probably, the price will start to move sideways in a broad range. The closest solid support is at the level of the 90-day Moving Average or approximately at the level of $0.3820.
To be continued ...
As of the time of writing, one HIVE costs approximately $0,5482 on the Binance crypto exchange, according to TradingView.
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for last almost 15 years, and as a cryptocurrency analyst for last almost 4 years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.
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