Just like every other coin or token in the market, Hive also had huge fall in the month of May.
Let's look at it through the weekly chart.
The previous week candle was dominated by buyers as we can see the big wick showing the buyers dominance.
It's the same as where the rally started earlier this year i.e levels of 0.15-0.25.
Cheatsheet of Candlesticks
As we can see the least bearish candle in the last is the kind of the same candle that was formed the previous week.
Now let's have a look at lower time frames to get clear picture.
- We can see a major breakout in the previous week and it show's a trend reversal through higher highs and higher lows.
(Refer to the image below)
A large Hammer Candle shows the buyers presence at that level.
Risk-Averse traders can hope for a target of 0.40 as it is also 0.5 level retracement of the Fibonacci Retracements tool.
Also supporting the above point is the major Resistance level which it is currently facing.
Goodluck Trading!!
If you liked the article, please this with your friends and circles, and also spare an upvote for me, so that I get motivated to keep sharing market insights and analysis :)
In case you want to support my work, please consider using the referral links to sign up on any of the exchanges below using my affiliate link: (You will also get benefits and save on fees)
FTX: https://ftx.com/#a=beehivetrader
Binance: https://www.binance.com/en/register?ref=NL4008SG
Okex: https://www.okex.com/join/2172681
Kucoin: https://www.kucoin.com/ucenter/signup?rcode=E3t8Ao&lang=en_US
Pionex: https://www.pionex.com/en-US/sign?r=eOxX26Bq
Poloniex: https://poloniex.com/signup?c=M5NDJH48
Delta Exchange: https://www.delta.exchange/referral?code=CVIVPG
These are the exchanges I'm using right now. I'm not directly affiliated with any of the above exchanges.
You can also download one of the best Ad-block/privacy Brave browsers and try it out for a month to support my work: https://brave.com/bee435