Good day Hiveians!
Join me in analyzing the crypto markets!
Hive has been rollin' and there is no sign of weakness just yet
What amazes me in Hive's price action of the last several weeks is the stability in the volatility (just today there was a 25% upwards push). Hive has been going up for nearly 9 weeks now (with the 7th week just barely in the red). It isn't however very surprising: the last big impulse wave in early 2021 had the similar characteristics. Even with Bitcoin now heading south as expected it is still holding on to the secondary support very strongly. I think this could be hugely bullish short term for Hive. If it can hold onto the 70+ cents price range this will be the support platform for a 2$+ Hive. BTC is quite likely going to retest 50k soon which could be the spark for a possible 3x price movement! If not, then Hive will go its well know fractal course and head back to about 30-40 cents. See the two scenarios in the chart below:
Such a move also fits into the Hive/BTC chart which has had some huge spikes. A fib retracement could indicate a 200% break out which would be the blue path. If it goes its "normal" way then the purple path is more likely. There is no doubt in my mind that if such a break out would occur, it would also be followed up by a huge correction. There is almost no chance of this being a sustainable price movement. But the good news is that the 70-80 cents price range would be the support and not the 30-40 cents. This would be a good platform for a 10$ Hive not too far off in the distance!
Looking at other coins in comparison makes Hive's stellar performance more clear. BTC, ETH and Steem could not keep up with it in the last weeks. Especially the stark contrast to Steem is great news as it had been valued much more highly than Hive without any reason besides speculation. Perhaps the hard work is now slowly starting to pay off :)
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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