Good day Hiveians!
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Since the Falling Wegde held, Hive has been moving up
In the last post we looked at it in more detail and I laid out 2 scenarios. The first one was seeing Hive moving up to around 60 cents before a correction, and the other one had Hive staying in the wedge for some more months.
We now have 11 days of green candles and this has so far always led to a bigger pump. Even today we saw 46 cents already, but there could be one more bigger push.
Let's compare this movement to previous ones. In 2021 we saw very similar patterns that all had 8+ days of green candles with a similar shape of the candles moving upwards. Compare these with the chart above.
The question is: was 46 cents the top of this subwave? I think 60 cents is a very possible target since price has now pushed above a major resistance: the wedge. It seems that this is a bigger push breaking out of the wedge and targeting the next big resistance from the horizontal trend line seen in the first chart. However, this will only happen if this current impulse wave continues; if price on the daily/weekly chart fails to stay above the wedge price will probably revisit ~27 cents very soon.
Here is the scenarios for price breaking the wedge resistance: it will probably get rejected at around 60 cents and could either find support at 38 or 28 cents. While the second support would be very low, Hive has shown again and again that it does go (almost) back to where the pump started.
Be prepared for a big correction as soon as this impulse wave fades. But also don't forget the bigger picture: Hive will surely go back to at least $1 in the "near" 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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