Some crypto coins are heavily overlooked despite having strong fundamentals and promising future potential. One of those coins is HIVE Coin which has been sitting near its all-time lows for several years. After nearly three months of consolidation HIVE has finally made its first breakout and delivered around a 40% pump.
At the moment HIVE is trading around $0.066. After the recent pump the coin is currently cooling down and searching for a new support zone. Overall after making an all time low over the years HIVE now appears to have entered a bullish momentum phase.
This recent pump seems to be based on real market activity and later in the content I will explain the main reasons behind it. I will also show charts and images demonstrating how trading volume has increased across many exchanges and is still being sustained at healthy levels.
If we look at HIVE's one month chart it is clear that this is the second consecutive green monthly candle. After touching its all time lows the coin now looks ready to break out and establish a strong bullish trend.
On the one day timeframe you can clearly see that HIVE remained in a consolidation phase for nearly three months. For almost 90 days the coin traded within a specific range and then recently we witnessed a 40% pump.
Right now it is cooling down again and preparing for its next move. I have tried to analyze every timeframe carefully so viewers can better understand the possible scenarios for the coming weeks.
Similarly when I analyzed the four hour timeframe I noticed a strong gap area known as a Fair Value Gap and the price is currently very close to it. Most likely HIVE may revisit this area and then bounce strongly from there. You could also say that it may soon form a strong bullish candle around the $0.09 level.
If HIVE manages to rally toward $0.09, sustain above that level and maintain strong trading volume then I believe its next target could be $0.16. According to the four hour timeframe the same FVG area is visible again. After touching that zone the coin could move toward the $0.09 level, take a retracement and then continue its strong bullish momentum.
After the recent pump trading volume has noticeably increased across many exchanges. Upbit is leading because HIVE trades there against the Korean pair and its volume increased by around 55%.
Binance is in second place with around a 26% increase in trading volume. Bithumb also recorded around a 15.83% increase. If you look at the overall chart you can see that volume has increased almost everywhere.
This indicates that the bullish momentum is genuine. If this were only a fake pump, volume would increase on just two or three exchanges while remaining stable elsewhere. However the good sign is that every exchange where HIVE is listed has experienced strong volume growth which is a very positive indicator.
If you check HIVE’s community sentiment on Coinmarketcap, around 84% of users currently vote bullish while only 16% are bearish. This means a large majority of the community is expressing confidence in further bullish momentum.
In my opinion HIVE could soon reach the $0.16 mark. After that it may enter another consolidation phase before making its next major move. This could also be considered a trend reversal point for HIVE signaling a transition into a strong bullish phase.
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