Looking good so far
Last week I made the daunting statement that Hive seems to have bottomed. While I think it might still take a month or two at the current levels before a major breakout occurs, Hive is doing better than I expected. For a quick recap see the chart below:
Three signals for strength
First, the obvious: Hive is green in a sea of red today. This doesn't happen very often and when it does it generally has signaled some major moves further up. Hive is up over 6% against BTC and even 8% against ETH.
The Hive/BTC chart looks pretty good for the first time in like forever. Price has broken out of a year long resistance. Is a major pump coming soon?
Second, there is volume. Binance has around 13M Hive traded so far and Upbit around 23M. This is of course nothing crazy (although still pretty good compared to other Alts), but it is a significant uptick from the base volume we generally see.
Third, today marks the seventh green candle in a row. This also mostly happens before major moves.
I think there is a high chance now for a bigger move up to 17-18 cents before perhaps a pull back to the blue support line. It's probably a good idea to have some liquid Hive to sell into the potential pumps to rebuy the dumps.
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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