A short technical Analysis of Hive (HIVE) 😃
Hive (HIVE) is a decentralized blockchain and cryptocurrency designed to scale with mass adoption, particularly in social media and content creation. Since its inception as a hard fork of the Steem blockchain in March 2020, Hive has grown steadily, both in terms of network activity and price action. In this article, we'll delve into a technical analysis of Hive to understand its current market position and potential future movements.
Price Action Overview
Hive has experienced significant volatility, common among cryptocurrencies, with notable price swings over its trading history. Understanding these patterns is key to predicting potential future movements.
Historical Performance: Hive's price saw initial highs shortly after its launch but has since gone through several bullish and bearish cycles. These cycles are largely influenced by broader market conditions, sentiment within the cryptocurrency space, and developments within the Hive ecosystem.
Recent Trends: Over the past few months, Hive has shown resilience amid broader market downturns. As of August 2024, Hive's price is navigating a consolidation phase following a correction from its recent highs earlier in the year.
Key Technical Indicators
Moving Averages (MAs):
- 50-Day Moving Average (50-MA): The 50-day MA currently acts as a support level for Hive. If the price maintains above this level, it may signal a potential upward momentum.
- 200-Day Moving Average (200-MA): This longer-term MA remains a critical indicator. A crossover of the 50-MA above the 200-MA could signify a bullish trend, known as a "Golden Cross."
Relative Strength Index (RSI):
- The RSI for Hive has been fluctuating between 40 and 60, indicating a neutral market sentiment. A move above 70 could suggest overbought conditions, potentially leading to a correction, while a drop below 30 may indicate oversold conditions and a potential buying opportunity.
Support and Resistance Levels:
- Support: Key support levels for Hive are around $0.164 and $018. These levels have held firm during recent sell-offs, suggesting strong buying interest at these prices.
- Resistance: On the upside, Hive faces resistance around $0.23 and $0.25. A break above these levels could pave the way for further gains.
Volume Analysis:
- Volume has been relatively steady, with occasional spikes during periods of news or ecosystem developments. A surge in volume accompanying a breakout above resistance could confirm the strength of a bullish move.
Fibonacci Retracement:
- Applying the Fibonacci retracement from Hive's recent high to its last significant low shows that the price is currently hovering around the 61.8% retracement level. This level often acts as a strong support or resistance, and Hive's ability to hold above this level will be crucial in determining the next directional move.
Potential Scenarios
Bullish Scenario:
- If Hive can maintain its support levels and break above the $0.25 resistance with increasing volume, it could trigger a rally toward its previous highs. The next targets would be $0.40 and $0.60, which align with historical resistance levels.
Bearish Scenario:
- On the downside, failure to hold the $0.18 support could lead to a decline toward the $0.13 level. A breakdown below this level could indicate a deeper correction, potentially targeting the $0.10 mark.
Conclusion
Hive's technical setup suggests a cautious yet optimistic outlook. While the cryptocurrency is currently in a consolidation phase, key technical indicators point to potential bullish momentum if certain resistance levels are breached. However, traders should remain vigilant for any breakdowns below key support levels, which could signal a shift to a more bearish outlook.
As with all cryptocurrencies, external factors such as market sentiment, regulatory news, and technological developments within the Hive ecosystem will play a crucial role in shaping its price action. Therefore, continuous monitoring of these factors alongside technical analysis is essential for making informed trading decisions.
Note: This post is for educational purooses alone, do your own research before buying or selling anything. Do have a great weekend ahead. See you next time 😊💚
STOP THE ABUSE ON HIVE
FAKE HIVE POLICE
HIVE IS DEAD
HIVE IS ONE BIG FARM
!LOL !WEED !MEME !VSC !discovery 35 !GIF !BBH !DUO !hiqvote !WINE !ALIVE !DOOK !PGM !LUV !PIMP !LOLZ !BEER !PIZZA !IDD !INDEED !DUO !HUG FOR !DOOK GINA @CRIMSONCLAD $BBH !HOPE
https://hive.blog/hive-104387/@bpcvoter3/se19g2
Downvoted BY HIVE FARMERS
6 days ago in #life by slobberchops (81)$0.00
Reply 3
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[-]bpcvoter2 (-5)(1) 4 days ago · Will be hidden due to low rating
NO DOWNVOTES FOR MARKY MARK'S SELF VOTING !WEED
https://hive.blog/life/@slobberchops/re-gogreenbuddy-sdr1wb
https://www.publish0x.com/the-dark-side-of-hive
https://www.reddit.com/r/stoptheabuseonhive/
https://peakd.com/hive-164833/@bilpcoinbpc/you-have-all-witnessed-this-account-being-downvoted-to-a-negative-reputation-for-no-reason
SHAME ON YOU ALL SAD PEOPLE WHO SCAM LIE AND FARM HIVE AND HIVERS
[-]acidyo (82) 3 months ago
Haha at "I shouldn't make commercial" :D Maybe something to worry about when you have more youtube subscribers! Quite interesting content though, these things should get more subs on there and here.
$4.28
1 vote
Reply
[-]gogreenbuddy (67) 3 months ago
Yeah thought that was funny too
$4.54
4 votes
gogreenbuddy: $4.47
acidyo: $0.06
holbein81: $0.01
koleso: -$0.00
https://hive.blog/life/@gogreenbuddy/i-had-to-give-up-on-my-gabion-fencing-too-much-work
@themarkymark @buildawhale @upmyvote @ipromote @gogreenbuddy @usainvote @punkteam @makerhacks @apeminingclub @leovoter @blockheadgamds @rollingbones farm @cwow2 @solominer @steevc @adm @abit @theycallmedan @dalz @abh12345
HE MAKES CURATION REWARDS WITH ALL HIS ALT ACCOUNTS BURNING TOKENS LIKE THIS DOES NOT TAKE OLD TOKENS IT MINTS NEW ONES AND BURNS THEM
https://hive.blog/hive-167922/@bilpcoinbpc/the-power
https://www.bilpcoin.com/hive-167922/@bilpcoinbpc/the-power
https://www.bilpcoin.com/hive-167922/@bpcvoter1/response-4-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts
Reply 2 to @eddiespino
Reply to @eddiespino
cwow stop the drink and drugs
Stop supporting the fake Hive police who do nothing but exploit Hive
Many people on Hive will never get to spend any of their Hive as it may become illegal in certain countries
https://peakd.com/hive-158694/@bilpcoinbpc/marks-dream
Zac the man with the scam plan
lol the Marky mark keeps dreaming
GET HELP STOP CRYING
WE CAN NOT HELP YOU
ARE YOU OK
Hello Marky, are you ok do you need help, are you facing mental health challenges?
It's crucial to seek help. Continual dishonesty can erode trust and your mental health. Downvotes do not have an impact on us, but our consistent sharing of accurate information is key to us.
Marky stop getting butt fucked LOL.
https://hive.blog/computers/@themarkymark/re-bpcvoter1-sfi1bm
Bilpcoin Gems High-risk Low-risk Super Trump (ticker: Strump) Corgi with knife (ticker: Corgi) Engines of Fury (Ticker: Fury)
Let's talk
Rider jim
Make today great
Decentralized or centralized
Bilpcoin Vibes
Tomorrow may never come, so seize the day seize the moment
Love life, be happy
[-]themarkymark (80) yesterday (edited)
Farming? Show me where I am farming, I post like one post a month at this point, and all buildawhale is burned. As you say transactions don’t lie. And don't say curation rewards, I'd get those no matter what I vote on and if you expect I will be the only person on this blockchain to forfeit curation rewards, you are dumber than we know you are.
https://hive.blog/hive-167922/@bpcvoter1/seq7ok
https://www.bilpcoin.com/undefined/@bpcvoter1/response-3-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts
https://hive.blog/hive-193084/@bpcvoter1/response-2-to-themarkymark-marcus-buildawhale-usainvote-ipomote-leovoter-gogreenbuddy-and-over-100-of-his-alt-accounts
!LOL !WEED !GIF !MEME
https://hive.blog/hive-167922/@themarkymark/re-bpcvoter1-sepr9c
21 hours ago in LeoFinance by themarkymark (80)
https://hive.blog/hive-167922/@bpcvoter1/senppv
https://hive.blog/life/@anomadsoul/re-gogreenbuddy-seqf1p
https://hive.blog/hive-104387/@bpcvoter3/se19g2
Downvoted BY HIVE FARMERS
https://hive.blog/life/@slobberchops/re-gogreenbuddy-sdr1wb
https://hive.blog/hive-167922/@themarkymark/re-bpcvoter1-setz65
Response 4 to themarkymark marcus, buildawhale usainvote ipomote leovoter gogreenbuddy, and over 100 of his alt accounts
Reply 2 to @eddiespino
Reply to @eddiespino
cwow stop the drink and drugs
Can't you see the problems on Hive?
Posted using Bilpcoin
LOL
It seems like THEMARKYMARK is dealing with some personal drama and mental issues, which might be causing them to spam us and others with baby pics, GIFs, and questionable content he's been doing the same for years. The fun doesn't stop there, as this seems to be a recurring theme with multiple online personas. The real question is, do we want to trust these drama-magnets with our hard-earned funds or any significant influence on Hive?
On Hive a significant issue exists with automatic upvotes consistently rewarding the same individuals day in and day out
We want to address the issue of downvoting. It has caused pain to many people, and we want to make sure it doesn't happen again reply to @jacobtothe
On Hive a significant issue exists with automatic upvotes consistently rewarding the same individuals day in and day out
We hope that those who genuinely care about Hive will reconsider their actions, as continuing down this path could inadvertently harm innocent users who are unaware of these issues
lol the Marky mark keeps dreaming
Marks dream
https://www.publish0x.com/the-dark-side-of-hive/the-marky-mark-marcus-its-clear-youre-deeply-engaged-in-farm-xmjodol
Posted using Bilpcoin
https://www.bilpcoin.com/undefined/@bpcvoter1/lol-the-marky-mark-keeps-dreaming
themarkymark (80)in FreeCompliments • 2 days ago
No.
I downvote spammers, you are a spammer, you get no monies. It’s very simple.
In the meantime go get some help. You obviously have some issues going on.
2 days ago in FreeCompliments by themarkymark (80)$0.00
Reply 4
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[-]bpcvoter1 (-4)(1) yesterday · Will be hidden due to low rating
GET HELP
$0.00Reply Edit
[-]themarkymark (80) 4 hours ago
I have a personal chef, maid, and a captain for my yacht. What other help do I need?
$0.00Reply
https://hive.blog/hive-140084/@themarkymark/re-bpcvoter1-sg5l3x
@gogreenbuddy THIS MAN IS A TOP HIVE FARMER AND SCAMMER SOME OF HIS OTHER ACCOUNTS @THEMARKYMARK @BUILDAWHALE @USAINVOTE @UPMYVOTE @LEOVOTER @IPROMOTE @PUNKTEAM @CWOW2 @STEMGEEKS AND 100s more
https://www.publish0x.com/the-dark-side-of-hive
https://hive.blog/hive-167922/@bpcvoter1/on-hive-there-s-a-user-who-frequently-burns-a-significant-amount-of-hive-lol-with-his-own-accounts