Happy New Year to you!
2024 began on a very good note for the crypto market with Bitcoin (BTC) smashing through the $46,000 resistance level on Tuesday. Altcoins have not been left out of the party, with several of them posting multi-digit gains in the past week.
These growing positive investor sentiments and heightened interest in crypto assets emanate from the anticipation of spot Bitcoin Exchange-Traded Funds (ETF) approval by the United States Securities and Exchange Commission (SEC).
As recently reported by Nitadel, Bitcoin whale activity erupted to the highest level since June 2022. In particular, over 34,000 BTC transactions valued at $100,000 each were executed in two days.
Another report by the crypto-focused platform showed that Cardano whales accumulated over 14 million ADA in two weeks. Likewise, increased buying pressure has been noticed on HIVE lately, putting the cryptoasset's price on an upward trajectory.
With the final verdict from the regulatory agency regarding spot Bitcoin ETFs expected on Wednesday, January 10, cryptocurrency investors are hopeful the SEC would give these investment vehicles a nod.
If that happens then, BTC and altcoins such as HIVE may be in for a massive rally. On the flip side, a disapproval statement from the Gary Gensler-led Commission could adversely impact the crypto market. Regardless, let's take a look at the potential price action of HIVE/USDT in the coming months.
HIVE price outlook
Undoubtedly, the native token of the Hive blockchain is among the cryptocurrencies regaining upward momentum in 2024. It bears mentioning that HIVE has been in a downtrend for several months since hitting its all-time high of $3.4141 in November 2021.
Interestingly, the growing positive sentiments in the broader crypto market have reignited investor interest in HIVE. The crypto asset now seems bullish after its bulls hindered the bears from pushing it below the $0.25 resistance. Moreover, its one-week Relative Strength Index (RSI) of 37 at the time of writing further indicates rising buy pressure. Notably, roughly 2,000,000 HIVE coins have been traded on Binance in the past 24 hours at press time.
Should the buying pressure on HIVE continue to increase, the coin would be steering towards its nearest resistance of $0.6288 (purple line). If it flips this level then $1 and $3.41 would be the next price target. On the other hand, HIVE could drop to the $0.1 level if the $0.25 support fails to hold. Either way, it is a matter of time. Therefore, trade carefully and invest only what you can afford to lose.
Notably, HIVE is changing hands at $0.3255 at the time of writing, down 4% in the past 24 hours.