Crypto Analysis | Alt Bear Market Continues!
Good day Hiveians!
Join me in analyzing the crypto markets!
So I have been saying that the 2022 bear market ended
As of today I have to amend that statement a bit: the BTC bear market ended in 2022. The alts it would seem have always continued to stay in the bear market... If so, this is an interesting development as previously there wasn't this big of a chasm between the markets here. However, there are of course many alts... ETH is not making any lower lows as well it seems. So to be even more specific: The bear market seems to be confined (for now) to the B and C tiered alts. Unfortunately Hive is among them (even though it shouldn't based on our strong community and ecosystem).
Coins like RUNE, MATIC, 1INCH or AXS are all in a free fall and making new lower lows while others like LTC, XRP or ETH are still quite above the winter 2022 lows. It seems that we are actually seeing a "shedding" kind of event. Depending on the sentiment (the tech underlying the coins is unfortunately not that important) and the "freshness" of a project some alts are now heading in a very different direction than others. If this continues we will actually see many alts go downhill and never recover. Some alts will simply be considered failed like LUNA or STEEM.
If this take on is correct, then it is going to be very important to identify this trend early and pull funds out of these projects. So what about Hive?
Hive
Just a couple of days ago I gave an update for Hive. The "bounce" it seems won't come until at least 22 cents. If so, we would also make a lower low, but only by about 3 cents. This is still much better than many other coins that are now far below their 2022 lows. But Hive has to come back from this fall, otherwise it's looking rather grim indeed and join the other failed projects... I'll do a proper update in the next days.
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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This was a big move down in alts this morning!
Wow... Could hive really join the failed projects...Maybe ad maybe not
We keep watch.
from a fundamental point of view I don't think so. But in the worst case price could under perform for many years
Exactly
This is getting kind of serious. I don't think it is time to go to the market and cash in all our HBDs, but I'm actually not sure. I did kind of the opposite and keep buying Hive. Maybe I'm stupid, but I like the community and it survived attacks already. My gut feeling is that we will make it through. The facts are telling me to keep alert.
yeah it feels like we are very close to capitulation. With everything going on in Hive I am not worried - in fact lower prices are always better for distribution which in turn makes the chain more robust. But it is tough to watch
Yea, but what if? same structures..
oh wow, that looks terrible.. it's exactly the same shape. I have a post on this pattern tomorrow. But I didn't know that the shapes are so similar. I suppose Hive is going to be put on the line in the years to come. If we can't get any momentum we'll share Steem's fate
Need a lot of !LUV and work together with F...ing up. We can do it.
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So tough 😭
If in case hive break it's peg ratio, then obviously hive project will join the steemit one. By the way we are hoping hive to survive during this hard situations.
Alts are down massively, some are down even 30 %, this is alarming.
I agree with many Alt's won't recover in worse case scenario... some of Altcoins are overvalued might crash hard..
Though, Hive is nearing at weekly support.. I guess if it made a comeback from that range around $0.26 retesting it.. good for us.. possible to see it $0.22 range as your chart.
Let's see what's coming ahead.
Hive is really not having a good number with 0.28.
But I believe in it's fall back.
When there is a fear environment within the market, we see the same way that the market goes down in a bad way and when we were watching the same thing going on for the last few days and we saw the market very much. Seen more coming down