Good day Hiveians!
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***Update: I wrote this post this morning, but since Hive is up another 15% scenario B) is bascially confirmed
Although 70-80 cents might be the upper price level. There is a strong resistance coming from the weekly chart (the trend lines from the previous ATHs, see last chart).
Two weeks ago the outlook for Hive was positive and I gave a target between 55 and 85 cents. As always, Hive is very volatile and big swings in each direction are basically guaranteed. This is why the ranges given are so large. Hive has been in an upward trend for 7 weeks in a row! This is amazing, not only because we have never had such a long green streak, but also because many other coins saw less remarkable weeks. This confirms that Hive has not underperformed compared to other cryptos. This was the chart from back then:
And this is the chart currently. I think there are two likely scenarios. A) a correction from here onwards to a support at about 44 cents. Or B) another pumpp to possibly 90 to 100 cents. There is a lot of resistance at that range, so don't expect it go any further. However, what you can also see is that I am still expecting that large correction of 30-50%. Depending on the scenario this would mean a drop to about 45 cents or 30 cents. This is based on the idea that BTC is probably heading for a big correction. If so, Hive normally dips a lot harder.
But the good news is that Hive is performing really great and there is much support at the 30 cents area which I think we will not dip below it any more. This is the long term outlook for Hive. Price is currently sitting exactly at the big resistance coming from the former 2 peaks. If bitcoin can maintain its upward movement for some more days, I think the B) scenario is very likely. Be prepared to sell some Hive at 1$ or keep investing as we are going to continue to moon (long term) :)
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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