Crypto Analysis | Hive Update

Good day Hiveians!

Join me in analyzing the crypto markets!

 

It's been already 3 weeks since my last update!

I have waited longer than usually as I wanted to wait for the price to take a more definitive direction. But Hive has been trading rather stable at around 40-42 cents lately. Of course there is the usual volatility, but essentially all pumps & dumps play out the same: price eventually breaks down from the base of the pump which is very frustrating to watch. So instead of looking at the details, let's rather look at the bigger picture. In the last post I made this chart which I thought would mark the price range of Hive in the next few months:

This has so far been confirmed, but of course the range is rather large. More importantly, the support is still holding. Although it is no secret that Hive has definitely been under performing compared to BTC. There does not seem to be any sustainable momentum. What needs to happen is to break through the horizontal orange resistance that has kept price under 50-60 cents for over a year.

Here is the updated chart:

While we have stayed within the green area outlined above, price clearly shows a lack of momentum. The spikes of the pumps has also decreased with the exception of the last two. Volume has been volatile, but remains at least relatively even. With just one bigger pump, price could break out of this stagnation and bring us above the 50-60 cents area which we would need for the "rally" to continue. It seems, however, that Hive always underperformes when BTC's momentum is very bullish. As outlined yesterday, I also expect this trend to continue. So does that mean that Hive will be underperforming for the next few months? And would that mean we basically stay under the 50-60 cents area? Honestly, I feel that this is exactly what is going to happen. The HIVE/BTC chart looks very bleak and it seems that the big move I talked about a month ago is going to the south (more on this perhaps in tomorrow's post).

Silverlining

While one could say that Hive's price has been on average going upwards in the recents months, the chart also shows that it is stagnating. The problem with this is rather in the future: if BTC's momentum diminishes which I would expect in summer, where does that leave Hive? If we get pulled down with it, then it looks very bleak indeed as we could then retest the lower support at around 30 cents. But... Hive almost always surprises when the charts look bad. There is that (un)expected pump taking Hive out of a resistance zone and on another rally. But before that happens, there could be more sluggish price movement for several more weeks.

 

---

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!

⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅

Check out the Love The Clouds Community if you share the love for clouds!

⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅