Good day Hiveians!
Join me in analyzing the crypto markets!
My main premise is that Hive will rally like in 2021
Back then price went from sub 10 cents to about $1 in only several months. It did this starting in January and ending in Spring. Currently we are in a fairly similar situation: Hive started to rally in January and broke out of a falling wedge just like last time. There are still many resistances to overcome, but if market sentiment stays positive I definitely think there is a good potential for a major rally in the next months (which you can see in the chart will, however, also be followed by a major correction):
2021
In 2021 we see Hive rallying from January to about end of March. I drew in a cone (blue lines) as well as the weekly trend line (in black).
But we can see that price did not just shoot straight up. There were times of consolidation (and a major correction) in this rally:
2023
Now, I feel we are in a similar situation: we have a cone (blue lines) as well as the weekly trend line (black). You can see that the slope, however, is not as steep. This fits with the general idea that larger fractals move in a bigger shape; so we would expect this wave to be "slower" so to speak (less inclination and stretched out):
The current sideways movement could be a short span before the continuation of the rally. As mentioned, there are 2 big resistances coming up (in red) which show why price did not move further up.
If my premise is correct, we should see Hive continue the rally very soon (1-2 weeks) and price should definitely stay above the black weekly trend line. If this does not happen, I would consider my premise falsified!
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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