Hive Blockchain Technologies Ltd. (HIVE) which is now known as hive digital technoly is a Canadian cryptocurrency mining company that operates its own cryptocurrency mining infrastructure. The company mines Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC) has been heavily invested in the Vc as a proxy for getting some flavours in cryptocurrency by many institutions, they are different from the hive crypto currency and not also invested in the hive ecosystem, the company is also traded in the NASDAQ index as a technology stock and it rallied few days again when the institutions where positioning themselves on mining stocks.
The Hive's stock price (HIVE) has been trending downwards in recently in the past few days, along with the broader forex market. However, the company's fundamentals remain strong, with a healthy balance sheet and strong cash flow generation.
Technical analysis of HIVE's stock chart suggests that the stock is oversold and could be due for a rebound. The stock's price is currently below its 50-day, 200-day and the 800-day moving averages, and the MACD indicator is showing a bullish crossover, the stock is currently trading at approximately $3 as it has retraced back to the it was before the institutions started buying it.
Trading strategies that one could consider getting into this stock today is Long-term investment Buy and hold one can enter at the trade at Current market price or lower with a limit order if the forex market is too pull back as we are currently having a stringer dollar index.
Rationale: Hive is a well-established cryptocurrency mining company with a strong track record. The company has a healthy balance sheet and is generating strong cash flow. Additionally, Hive is operating in a growing industry, as the adoption of cryptocurrency continues to increase.
Rationale: The 50-day moving average is a key support level for Hive's stock. If the stock price pulls back to this level, it could be a good opportunity to buy for a swing trade.
Characteristics: This strategy is suitable for investors who have a long-term investment horizon and are comfortable with the volatility of the stock market.
Characteristics: This strategy is suitable for traders who are comfortable with short-term trading and are willing to manage their risk using leverage.
3. Day trading
Direction: Buy on a breakout above the 20-day moving average
Entry price: 20-day moving average (currently around CAD 3.00)
Rationale: The 20-day moving average is a key resistance level for Hive's stock. If the stock price breaks out above this level, it could be a good opportunity to buy for a day trade.
Characteristics: This strategy is suitable for experienced traders who are comfortable with short-term trading and are willing to manage their risk closely.
It is important to note that this stock is different from the hive cryptocurrency we use on the hive blockchain as the hive crypto currency is trading lower in price when compared to that of the stock market as its still at $0.29 with prospect to catch up in price with the stock in coming months when we range into a bull market, also these are just suggestions, and traders should always do their own research before making any trading decisions.