Crypto Analysis | Hive in Free Fall, But Don't Panic!
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Hive is getting completely destroyed at the moment
Of course only price wise, Hive is still awesome and one of the best crypto projects out there :)
In my last posts I talked about "the ultimate bear scenario for Hive" and also about a "50 cents and a bullish reversal" scenario. It's safe to say that we are getting there rather sooner than later with Hive down 10% 15% 20%at the moment when Bitcoin is at 0% -1% -3%(which is probably going to change quickly). What can explain this free fall is that Hive lost its main support line in the Hive/BTC chart.
Ouch, not good! I had hoped for Hive to uphold this support. There isn't any supporting trend line now, so the only support comes from horizontal lines which is why I think it could drop to about 0.000012. This isn't a guarentee, so it could also drop lower, but I have some confidence that this level will hold (long term).
I want to modify the 50 cents and bullish reversal laid out a couple of days ago a bit. I basically already stated this modification in the other post linked above, but I want to repeat it here again.
We only have two more supporting trend lines for Hive before going into ultimate bear mode. But don't panic, I don't think we are going there. There is good support at ~45 cents and ~32 cents. These are the intersecting price ranges from the two trend lines. You can see them in this chart again:
This means that there are 3 likely scenarios.
- Scenario one: we hit the first supporting trend line at 45 cents and head higher.
- Scenario two: we hit the one at about 32 cents and head higher
- Scenario three: we hit the lower one and head lower still
The truth is normally somewhere in the middle... The green one is very bearish and is heading for sub 20 cents :/ so we can all hope that we don't go there. But to me it is more likely that we will be staying in the new ascending channel which will probably be the lower one of the two trend lines. On other words, I am favoring the blue scenario.
You can see the channels here:
To me the blue one just seems more likely, especially since we had that crazy wick to 16 cents last year. Something similar could happen again, briefly touching the 32 cents area.
As crazy as a 20%+ drop is, it is good news for Hive!
This is because once we have such a drop it generally means that we are in the next impulse wave. Once we dropped to 16 cents last year the next stop was $3.4! Let's hope that we stay in one of these channels, and keep a cool head ;)
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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I was going to sell my SPS for Hive. That's down about 30% too. So I'm thinking if I should use it to buy Hive or maybe Hive still can go lower !
I am far from being a crypto expert. In fact, I can hardly say that I understand crypto. Although I do somewhat, my crypto knowledge is still full of holes like Swiss cheese. And as such, I would like to say the following...
I am aware that Bitcoin price changes affect the whole crypto world, although I don't understand why. (I don't see a direct connection, especially not with Hive.) So, for me, Bitcoin is the "game" for itself, and therefore I'll leave it aside.
I'm observing Hive as an asset, and from that perspective, the price would always play its game (as with every other asset does) around supply and demand, none of which should be a problem with Hive (although it's not some highly known and popular coin. - Many still don't realize the broadness of its current and even less possible future implementations.)
However, to my logic, this price drop can't be triggered by something else but by some huge amount of Hive sales at a time when the number of buyers/investors is significantly lowered due to the active bearish trend on the whole crypto market. Therefore, I'm asking myself (as I don't understand it), why would Hivinas want to sell larger sums of Hive at this unfavorable moment?!? In my opinion, it's time to at least keep it, if not stake it.
I'm currently powering down my staked HP, so someone might say I'm not entitled to "preach" about it. But, I'm not powering down to sell and cash out my Hive. In fact, I'm planning to invest my liquid Hive into something else inside the Hive blockchain, which is part of my broader and longer-lasting plan. Although I put the whole amount of my HP on power down, I'm not planning to power down all of it, and the entire amount is set to get the liquid amount of Hive that I want quicker. After that, I will stop the power down.
Furthermore, I'm even thinking of buying some Hive out there and bringing it in. I'm just not sure if I should do it right away or wait until the price drops even further!?!
However, no matter if at the current price or somewhat lower or even higher, I believe it's a moment of opportunity to buy, and certainly not to sell Hive or even less to panic!
(Although I understand that some people might not even have a chance to think about it this way, due to inflation all over the world, significant price increases starting from gas prices and on, all of which hugely affects regular living expences that might force some people to reach out for their other assets like Hive, just to survive.)
!ALIVE
!PIZZA
@tobetada! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @ana-maria. (1/10)
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I think we are near the bottom now, at least that is my opinion. I bought, and even if it dips lower, I won't regret it long term, that is for sure.
We will see 3.4 $ and higher again!
that|s the spirit! :)
I need to hear this now! 😞
awesome fracking sauce post.
!BBH
!ALIVE
!CTP
@tobetada! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @bradleyarrow. (1/30)
The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.
Because this is such an awesome post, here is a BBH Tip for you.
. Keep up the fantastic work
Oh ... I wonder what will happen. Something I'm still saddened by the fall of bitcoin and hive
Bear market always happens, but it's only to wait for the bullish periods.
It looks like a good time to start buying more Hive
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