My new hobby is starting well, because 10 days ago I cautiously called that there could be a new all time high coming when we managed to break up from the $1 resistance.
When looking at HIVE/USD chart, there's no support/resistance lines to compare the price, since we're in price discovery, but when changing to HIVE/BTC chart, it's a different story.
As you can see, the ATH measured in Bitcoin at 16,000 satoshis was in the early 2020 post-hardfork when HIVE got some exchange listings. The recent all-time-high measured in dollars was a bit shy of 6000 satoshis. Still 65% less when comparing to the 16,000 satoshis. Though I'm optimistic we could see 16,000 during this bullrun, because we know that alts often do well in a bullmarket, and the bullmarket, in my opinion, is going to extend into 2022 based on Bitcoin's lengthening cycles. Hive also has had that nice uptrend against Bitcoin since early 2021.
Key levels
Looking at the historical price action it seems like there was resistance/support around 2500 and 3700 satoshis.
The recent price action broke through 2500 satoshis and bounced off of it at first touch straight above 3700 which is now forming some support. Let's hope that line holds. Though I wouldn't panic going below to retest that 2500 level.
Why compare against Bitcoin?
Bitcoin is arguably the least risky cryptocurrency, so to make sense economically to hold riskier alt coins, they should perform better than Bitcoin. If they don't, you would've been better off to hold Bitcoin.
Now that is if investing is all about money, which it always isn't. You could argue that with Hive, it's not just about money, because there are bigger things at stake like free speech and sovereignty of the individual. Hive gives the control to individual who owns one's data and gives the ability to create and own your community that can't be erased.
