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Hive's chart is starting to look promising again
This comes after a lower low to 22 cents has so far been averted. If so, Hive's bear market did indeed finish in 2022 and is now making higher lows. This is a pattern we see in bull markets. Although so far, we haven't yet seen a major breakout. When looking at the weekly picture we see why this is so: price is still sitting below the major resistance coming from the previous highs (purple line).
The push to around 36 cents some days ago was stopped at exactly this resistance. Since then we have retested the first support (thinner blue line). There is still room to around 30 cents when we take the thicker blue line, but the overall picture shows that price is now "stuck" between these supports and resistances. This always means that we will see a bigger price movement in the near future. If we are indeed in the bull fractal, it would suggest a breakout to the top.
On the daily chart we see some more resistances that indicate a resistance zone, rather than a single line. When we draw the lines form the previous different peaks we can see them converging at a peak in late April. The "fan" we get from this would be the resistance zone.
We can expect either a rejection withinn this resistance zone (blue pathway), or a breakout to the top (green pathway):
Even a rejection should still result in a higher low, but of course this would not be very bullish. The other scenario would be a climb to around 50 cents again where we have a major macro resistance shown as the horizontal orange line. But even if price would be rejected there, I think there would be enough momentum for price to overcome it in the foreseeable 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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