Crypto Analysis | Hive Overcoming The Resistances

Good day Hiveians!

Join me in analyzing the crypto markets!

 

There are currently 3 major resistances for Hive

One has already been overcome, 2 remain. Make no mistake, when the path is cleared we will very likely see a major move. Like always it might not be completely sustainable, but it should fit into the larger picture of an upward trend lasting several more months. The resistances (red) and supports (blue) are seen here:

These 3 resistances are not just randomly constructed. They all come from previous highs that intersect each other at around 45 cents, and then fan outward again to give us this shape. I have called it the tripple resistance and for well over a year Hive could not break out of them.

When we zoom out a bit, you can see where the lines are coming from and we can also color the first broken resistance blue, since it is now a turned support:

There is one more thicker red line (the "horizontal" resistance) up in the 50-60s and it will definitely stop a pump in its track. But I think should price break out of the "triple resistance" Hive should have enough momentum to overcome it. This horizontal resistance has been with us since the beginning and will be a major catalyst for upward movement once price goes above it.

When we look back, we can see that Hive has been in a 1+ year bear market and bottomed out at the end of 2022. Since then price has pulled back almost back to the bottom levels, but did not make a lower low. There are other reasons I pointed out in the past, but I strongly believe that Hive has once again begun a multi year bull market. The first hurdle will be the "triple resistance", then the "horizontal resistance" and if price can keep going we might see a local high at around November or December.

I can point to more specific targets once the market confirms this trajectory. For now, we have to wait and see if it plays out as I expect it to.

 

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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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