Good day Hiveians!
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A small (expected) setback
Seeing the market dump is always painful, but not so much when it is only part of a larger upward movement. In my last post I talked about how Hive's upward momentum was right on track as outlined from an outlook made earlier this year. I slightly modified the chart which now in hindsight was a bit premature: the resistance at ~45 cents proved too strong to overcome in one go. My first prediction reflects this resistance as we can see a dip back to the low 30s (in the weekly chart).
Even though Hive is now back in the mid 20s, I think this is only a small setback that was to be expected, considering that the resistance coming from the red horizontal line has been with us since Hive's conception.
~$1.3 next stop
As soon as price moves up again, I think we can expect that the horizontal line will finally be broken and could act as a support for the next correction before heading higher. Price is now back to where it broke out of the weekly trend line coming from the previous highs (shown in purple). This is often a hallmark sign of a retest and a continuation of the previous momentum. Although price dipped a bit lower than expected, it is still looking good (and we still have a couple of days for the weekly candle closing in the low 30s).
I am very confident that this is going to be Hive's low point before continuing back up. Once we break the horizontal resistance I think ~$1.3 could be the next stop. This is based on the height of the impulse wave we saw in 2021 and there is also a resistance in the chart from a trend line following the chart back up. I am not super confident about this target, however. It could be anything from $1.2 to $1.6 or so. I do, however, expect a sharp correction back to the 40s or 50s after that, before the climax sets in later in 2025.
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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