Crypto Analysis | Hive: Another Layer of Support
Good day Hiveians!
Join me in analyzing the crypto markets!
The last few days have seen a remarkable price action
Although expected as one of the scenarios laid out, it is still amazing to see it play out. Now that we even broke the former ATH in April I think that there could be another movement that I didn't talk about yet. I am calling this the "secondary support" as we have now seen some solid price movement in the 70-100 cents area.
Generally prices have pulled back by a lot and so I am still skeptical if this is a "sustainable" price movement. However, if prices hold at around 70 cents in the next weeks, there should be enough support to propel us even higher. How high? If you look at the chart the next real challenge is in the 2-3$ area. We won't break that resistance anytime soon. But the upside of course is that 2-3$ is a lot of room to go! So I think there are two likely scenarios. A) a continuous (but very volatile) movement up to 2-3$ in the next weeks/months. And B) a decline in price to the main support of 30-40 cents. Personally, I believe that scenario B) is a bit more likely, simply due to past price movements.
The Hive/BTC chart is also of importance. Since 2021 we have been in a steady upward movement. There is a fractal which I think could repeat and is marked with an oval. Notice the 3 wave pattern which is so evident in many coins (all of the coins?). We could be heading for something similar. But if so, we don't necessarily have to break down to the main trend line in the bottom. There could also be a push towards the upper trend lines. On the macro scale there is a potential to break out big as we had a huge spike (literally off the scale) when Hive first launched, but that would mean basically a 10x. I think we are not quite ready for that. But then again, always expect the unexpected ;)
One final point of interest. Steem has so far not caught up with Hive in this latetst pump. Steem has so far always rallied after such a strong push. However, if it does not happen this time and Hive can sustainably stay higher than Steem, I think word has finally come around that Hive holds more value. Not only are we truly decentralized, but the level of development is apparently orders of magnitude higher. So let's fly 😎
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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Very informative blog...👌👌