Good day Hiveians!
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Hive is slowly climbing up
Which is actually a bit unusual. Not because of the direction of the movement, but because of how it is making that move. Hive has usually made big pump & dumps when it starts to move up. In fact, I think this is the only time in all of its history where we just gradually go up. Strange. But is that bad? I would definitely welcome a continuation of this "boring" gradual climb than a bug pump and dump. Recently when that happened, price always crashed down back to the base of that pump which was extremely annoying and frustrating. Let's look at the chart to show you what I mean:
For almost 3 weeks Hive has been on this trajectory indicated by the blue trend line. So far every time price dropped below it we saw a recovery to have the candle close above it. In the past we have had these long upward trends as well, but they always had these pump and dump patterns as seen here:
So... does that mean we are still going to p & d? I definitely think it's a possibility since we have generally seen such a movement at the peak of the upward trend. But as pointed out before, it would be much better if we wouldn't. My (flawed?) reasoning is that if we won't pump, we also won't dump so badly. Seeing Hive back at 30 cents or so would be quite heartbreaking.
EMAs and weekly chart
We are about to get some more golden crosses if price action continues like this. The next one up is the 50 with the 200. The 100 with the 200 is still a couple of weeks off. But even more important is that price is now well above the 200 line. This line can generally be used to assess if we are in a bull or bear market with price mainly being above it in a bull. So far Hive could fall back to around 34 cents and still be in that territory.
The weekly chart looks very healthy as well as we can see here:
We can clearly see the macro breakout when price passed the resistance trend line coming from the previous highs. Price is now also about to make a higher high against the previous subwave at around 42-43 cents. The weaker red line is another weaker resistance which price could retest in the next week before making higher highs. The biggest resistance coming up, however, is the often pointed out 50-60 cents range. price failed to overcome this area for over a year now and retesting and eventually overcoming it would signal that Hive is finally ready for a much larger upward movement in 2024 and beyond.
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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