HIVE at under a dollar looks under water to me. I'm no TA master and neither do I plan on becoming one any time soon, but just look at the chart and, while you do that, compare it with the one of BTC.
While BTC at the current level of about $30,000 looks like hanging of a cliff and the "grip is close" to be loosen, HIVE is not anything like that. In "our case" we can see that the market has taken back most of its share. $0.5 is way closer to the bottom than it is to the top.
While quite a few believe BTC has bottomed, unless "a full blown recession"(cough @edicted), my take is that BTC is going to revisit "the vicinity of $20k". I don't feel like it's going to hang there($30k) for too long and resume any uptrend any time soon.
If BTC does that, falling off the cliff, alts are screwed. Yes and no... While some will fall in that position, others will not. If you've been following closely the price action for HIVE you have already noticed that Koreans are at it again.
Most of the trading volume on HIVE comes from Upbit on the HIVE/KRW pair and just in the past 24 hours we've had some real nice spikes, that imo look like "warmup pumps".
yeah, the spikes :)
What some of you haven't noticed yet is that in the last seven hours about 19,5 million STEEM have been sent to Binance while about the same amount has been transferred between "unknown wallets". BUT prior to these transfers "someone" took out of Bittrex almost 19.5 million STEEM.
The questions that arises now is: are these funds going to be dumped on Binance and are the STEEM that got to Binance the same that left Bittrex? Is Justin brewing something, or it's just some "mad whale" willing to dump the shit(STEEM) and load on the gem(HIVE).
When it comes to trading volume for STEEM, the same case applies as for HIVE, Upbit on STEEM/KRW tops it.
As mentioned in the introduction, although not taking out of the equation that HIVE might bleed even further, I feel like anything under $1 looks underwater. I know we've said the same for STEEM just four years ago and it went down to $0.10 sooner than we expected it to, but can we really compare the two of them...
Just look at Leofinance and how fast it is expanding...
Bank of France governor calls for global crypto regulation following the $LUNA and $UST collapse. Digital dollars are under threat whilst Bank of England warns that inflation could hit 10% resulting in “apocalyptic” consequences this year. Where to go, what to do and where to put your cash?
What about a digital economy? Well, we have that on Hive and I'm not saying that millions of Brits are now gonna flock to Hive as a shelter, but when shit starts to hit the fan you have to somehow clean it before it starts stinking fast. It's funny, but $1 HIVE might come sooner than you think and the powder to push it could be STEEM and "depegged cash".
The whole situation with stables under threat is what will at least temporary boost the prices of alts, which have definitely bled more than BTC did. Keep your eyes on HIVE cuz we might see it at $1 sooner than $0.10.
Thanks for attention,
Adrian