Hive breaks support and price is still correcting
Let's see
Daily graphic analysis.
The important thing about the behavior of the price in the last weeks is that the price decreased not abruptly but through lateral channels, which were formed with a lesser degree of inclination.
As we see in the chart, the price that marked a floor at $ 0.22 and then bounces upward, creating a candle of indecision.
A bit of history about hive prices
Hive had a big bullish momentum with the listing on the Huobi exchange
When any alcoin has such a sudden upward movement and correction, it is normal for them to need to accumulate strength to start a new impulse. If the force is not enough to push it higher, it will continue to correct its price. (this is what should normally happen)
Analyzing the entire graph we can identify 2 correction curves.
Among the pullbacks we find a first bullish momentum ABC.
The reason Hive price was corrected so much is because:
- Short-term price increase (pump)
- The decrease in volume, since there are few buyers, the price continues to decrease seeking strength.
- Power Down
Hive's price is still pegged to Steem, the chains will remain pegged until investors sell their tokens from the other chain, price fluctuations will continue, and that may depend on Power Down and decisions of witness votes.
We are still linked to Steem, why?
Power down
Hive users may be doing Steem Power Down and vice versa. Steem users may be turning off your Hive tokens
This process can be verified in the HBD currency, which is a currency that tends to be $ 1 dollars, abrupt changes are due to massive token sales.
See the graph
When can this process end?
It depends on each investor's decision when to sell after Power Down and at what price to sell.
3 months have passed, a key date, because those who have granted Power Down may have liquidated most of their position.
Other key facts
- The price in the last days reaches the support of $ 0.22 and begins to rise
- RSI remains below 42 points, previous days, which is not good, but today it tries to overcome it. (When it was less than 42 points, the price continued to correct.)
- Volume continues to decline in recent days.
- The price begins to stabilize between the different exchanges.
- Sale of Hive tokens by Steem users and vice versa
As I said, the price begins to form a downward channel from the support price, it continues correcting
Continue correcting
If we analyze the Elliot wave chart, a next correction target would be the Fibonacci retracement of 0.886
The sale of tokens by Steem users and the domain that Bitcoin is acquiring after halving may be a factor delaying a possible price recovery over time
The minimum price that Hive has reached is 0.09
Price analysis today
In previous days, it broke the channel that had formed and marked a support price of $ 0.22 and begins to see the formation of a descending channel.
The 4h RSI shows oversold values. Possible bullish rebound?
What could we see in the coming days?
We could see a price fluctuation by the descending side channel that is being formed.
That the volume grows would be a good indication, it could be indicating that investors or the exchange may be buying the Hive coin and setting a base price.
What you think?
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