I will throw my 2 cents in, not on the price but the metrics...
Probably the best indicator is going to be development (in my view that is).
Volume means not that much, not just for Hive but almost all crypto and even traditional markets IMHO. But I can definitely speak to alts, it really does mean nothing, high or low.
I agree liquidity having meaning. Liquidity on either side can impact things in the short term.
But the positive to this is when a price drops on low liquidity it can be very misleading and can change quickly. It can actually serve to flush people out before real price discovery. Basically in periods of low liquidity directional conclusions cannot be drawn from the price. At very best, getting a read in direction is Extremely difficult in low liquidity.
When a project has its next fundamental milestone (or black swan event lol) liquidity and price can reset in a matter of minutes/hours with little or no correlation to low liquidity environments.