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Hive is showing signs of reawakening
This is coming some days after I pointed to a possible reversal signal in the HIVE/BTC chart. Some time before that we had a look at Hive's USDT chart and divided the price action into 3 different phases:
After more than 2 years it seems Hive is finally starting to wake up again. To me it looks very clear now that we will see a retest of the resistance area in the 50-70s area with a possible higher support in the 40-50s. One of the clearest signals to me for this increased vitality is that for the first time in almost 1 year we had a volume of 145M on Upbit yesterday.
2 Scenarios
In one Hive would move all the way into the 60s and 70s and fall back to the thick red resistance line. This would probably result in another more sustained upward push. The second one would be a continuation in the wedge until around late summer and see a breakout to the top in fall or winter. This latter one would be more in line with the idea of a longer accumulation span and one big push up into the $ range. But it also makes sense to see at least a two part movement where Hive first makes a higher high at sub $1 and then a final big push up in 2025 (similar to 2021 but more extended).
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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