Good day Hiveians!
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We haven't seen a bigger or even a mid sized pump for quite some time
The last one was 64 days ago and took price form 49 to 67 cents and the bigger one before that 131 days ago from 51 to 97 cents. Hive does not make very big moves when there is a meso or macro downtrend. 131 days ago was the end of the impulse wave that took price from about 30 cents to almost $1. Since then price has generally declined. After the big correction last month which took price sub 30 cents price has been rather stagnant.
The time after a bigger correction normally sees price trading in an ascending channel. This has so far only led to further price corrections.
But we can also see that whenever price overcame the resistance trend lines form the previous highs, price jumped upward.
There are now several resistances converging at around 40 cents. When price breaches these resistances, we can expect a significant push upwards.
And will probably be stopped again at the strong resistance from the horizontal trend line which is at around 60 cents.
The EMAs are all above current price. This is of course very bearish; price was rejected in May by it and failed to climb above it after that. When price goes above them (especially the 200 day moving average shown in purple here) we can expect a mini or major bull market to start. This was evident in March of 2021 and August of that year.
With the macro support in place (although still not too strong) there is a good chance for Hive to tackle the aforementioned resistances. A small pump to 40 cents seems plausible; a bigger one to 60 cents is a bit more unlikely at least for the short term.
From the macro chart below we can see where things could be moving in the future:
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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