Hive Price Analysis
Hey guys, it's time to discuss $HIVE.
Over the past few months, especially when the BTC ETF FUD began and many altcoins, along with BTC, started pumping, we all noticed that #HIVE wasn't moving much. It seemed to be holding steady, almost like a stablecoin. From September's low of 0.2642, it reached a high of 0.3962 by the end of the year, marking a 48% move to the upside. Subsequently, a downward momentum began, sending the price to 0.2892 before finally experiencing a more significant pump, driving the price to 0.4962, a 71% move. This surge broke through a serious resistance level dating back to November 2020.
As you can see, this resistance-turned-support line has historical significance, and now it serves as a strong barrier that must be breached and retested to propel the price higher, leaving those old lows behind, where they belong by technical standards. If this line is broken, retested, and establishes itself as support once again, the next logical resistance level appears to be somewhere around 0.65-0.67, where significant liquidity exists.
Aside from the technical analysis, one reason the price is currently underperforming compared to the broader crypto markets is because much of the ecosystem remains stagnant. While progress is being made, such as initiatives by @leofinance and the team to add value to their token and the HIVE ecosystem, I've observed that Web3 projects are garnering significant attention. HIVE, with its own functioning blockchain, true decentralization, native token, stablecoin, and a loyal user base spanning several years, is well-equipped. However, it lags behind in the narrative of Web3 projects.
This discrepancy might be why many large or near-whale level accounts have been consistently powering down over the past four months. It's challenging to stay invested for years in a project, waiting for a bull market to reap profits, especially when the price moves so little. Nevertheless, I believe HIVE is a long-term investment. Eventually, the spotlight will shine on it. Moreover, I'm convinced that now isn't the time to sell—not just HIVE, but any cryptocurrency. In reality, only BTC seems to be surging, while others are merely catching up. The true alt season might come after the halving, possibly in the summer. Therefore, instead of powering down, I'm opting to power up. I've already powered up 5021 HIVE, and more power-ups will follow in the coming days.
While profit-taking is inevitable, I'm not here solely for the technology but also for the financial gains. However, I believe now is not the right time to take profits.
My target for 2024 is to reach 200K hive power!
Posted Using InLeo Alpha
Hive has gotten to $3 before do you think it will still get there?
I just pray it does.
But during the bull run it didn’t but I’m still optimistic about it though.
Yes i believe that 3$ is doable even a 10x from here
I'm on the same page as you, as far as powering down and selling is concerned. I see selling now as a waste, and I think it would be wiser to continue accumulating while the entire market is waking up.
I've managed to build my account up to a decent level, but still have plenty to grow. My ideal price range for Hive would be $1 - $1.20+ and I think that's very doable. I'm looking forward to seeing what happens post-halving for the entire crypto market.
You're right, now is the not the right time to take profit, I also feel that we have a lot of catch up to do, to be very honest, I feel the witnesses are smart people and sometimes they should be having sessions where they'll talk about bringing trending innovations that'll move us forward. Congratulations on your power-up.
@tipu curate
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I am glad to read such an expectation. Congrats in advance for hitting that 200K HP!