Hive Analysis with Bollinger Band
The deepening of the war in the Middle East has seriously affected risky markets such as cryptocurrencies. Bitcoin dropped to $62k. Logically, it should have been the opposite; in such cases, in the failure of states, cryptocurrencies, especially bitcoin, should have increased significantly. However, this understanding did not work here. The risky aspect of cryptocurrencies attracted more attention and there was an outflow of money in cryptocurrencies. The decline was even greater when the events coincided with the weekend. We observed that there was a recovery in the market as the events calmed down.
The change in bitcoin in price decreases is more limited compared to altcoins. While there was a decrease of around 10% in Bitcoin, this was up to 30% in altcoins. Hive fell as low as $0.28. The last time we saw these levels in Hive was 3 months ago.
(Tradingview Hive/USDT 1D chart)
Currently, hive price is $0.329. The price is inside the bollinger band. As I have repeatedly said before, Hive price breaking out of the bollinger band is an opportunity to buy. When you buy from here, it will give you at least 10% profit in a few days. There is a distance of nearly 20% between the middle band and the price. It seems difficult to get there in a short time. Of course, this can happen if there is positive news that will affect the market. Since the market was very active, the Bollinger band widened considerably. For a long-term increase, the price must remain horizontal for a while and the Bollinger band must narrow.
Indeed the hive coin is still consolidating, we do hope it breaks the bollinger bands, in my case consolidation box, if not we are seeing a huge drop in the hive coin or a massive correction, I guess the bull run this year will be massive.
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