To those who missed my post from two weeks ago. I had just defined some crucial support and resistance levels for the Hive's current price.
Let's look at the updated chart first.
The chart from that post and the chart above hasn't changed much. The price is still struggling at that important $0.80-$0.90 level continuously for a whole month now.
Prediction ?
In my honest opinion, this selling pressure is created on Hive just from external factors with money getting pulled out from all possible securities market since starting of March due to inflation soaring and fear of demand getting disrupted due to that. The bad thing is this pressure isn't going away soon, with Federal Reserve meeting on May 4th,2022 where they will be raising interest rates further to tighten the economy and to control inflation , this is traded as bad bad news for every market.
I am planning to not trade in the markets till that meeting is done due to the volatility expected from tomorrow because of the uncertainty. I will be observing the prices from the sidelines mostly and it'll interesting to see how crypto and in particular Hive reacts to that news. If it holds the support and doesn't go below $0
80 then that could be a major bullish signal for the token. Let's hope for the best.
Upvote and comment on this post to support my blog. It means a lot. Any suggestions or tips are welcomed as well.
Take care. Peace out.