Crypto Analysis | Hive Back At Macro Support - Bullish Outlook
Good day Hiveians!
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Hive isn't exactly overperforming
We are still up by a bit from the 2022 lows, but compared to other coins Hive is definitely underperforming. This can be frustrating, but patience is key. Comparing Hive to other projects also reveals from a fundamental point of view that we got a lot here and the value of ecosystem as a whole is completely overlooked. Other projects don't even have a fraction of what we can offer here. Unfortunately the market does not always reward the best ecosystem or tech: dumb money moves to dumb projects or meme coins.
Are the lows finally in?
Last week we saw the macro rejection which happened at least one time before that and ended exactly like it did now with a lower price. But we also didn't get a lower low. If this trend holds, the current low of around 30 cents should be the bottom.
Here is an updated chart from last week:
Believe it or not, but this chart is actually bullish for several reasons:
- retest of the breakout from the macro ressitance (blue descending line)
- retest of the the macro support which should hold (blue ascending line)
- price is sitting in the 0.236 fib ratio which has almost always indicated a bottom
- pattern is completed with this correction from around 34 cents
The bigger picture
Hive broke out of the major macro resistance several weeks ago and has now retested it. Essentially, it is now a support - together with the bottom support we have a double support as well as a potentially higher low.
The most probable outcome of this combination is that price will head higher. The first bigger resistances are in the 50-60 cents range. I would fully expect price revisiting this area in the very near future.
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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Looks good, the weekly close will be exciting then, hopefully above the support :)
@tipu curate
Testing the $0,,30 as we speak.
The way the market is once again penic situation and we've seen the market go down completely because of a news story, but it's a good opportunity for those who have money.
The fall in the exchange rate is easily explained. When I need money, the exchange rate always falls. So in early September, when I already have the necessary amount, as usual, the rate will be restored or will rise 🤷♂️ This is how it always happens 😄 The law of meanness.
i can relate :D😥