HIVE at $0.60...
It's a price level some of us considered to be a potential bear market bottom just a few months ago. I still remember @edicted saying about two months ago that 50 CENT is a level from where HIVE shouldn't go lower.
I thought pretty much the same at that time, but the market has proved us both wrong. HIVE has dipped to as low as $0.30 just a couple of weeks ago and it's clear the bear market ain't over yet.
The Koreans love HIVE. Don't ask me why, but they kept on pumping and dumping it for over a year now now. I guess they got tired of STEEM and turned to HIVE. The past 24 hours we had a nice one(pump) from the Koreans again.
HIVE went from $0.40 all the way up to over $0.60 in less than 24 hours. It was quite a gainer today among all the cryptos out there, but history has taught us such pumps are usually short-lived, and I have the feeling this one will end in the dump as it happened in the past.
That doesn't mean this type of price action, especially during a bear market is not beneficial for Hive(HIVE). When such pumps occur they pull us out of the darkness and under the spotlights of the crypto market.
Free marketing and exposure.
Is the pump over yet, though? We don't know, the Koreans probably do, and even if it is over, don't hide yourself under a blanket and cry. There are high chances the price will find an after-the-dump support way higher than the level it started from.
It happened in the past too and this is our way of grinding higher. I wished I had tons of liquid HIVE now and trade, but I don't, and there's no one to blame.
Looking at HIVE from a bigger picture I don't believe we've bottomed yet. I see this short rally as a bear market relief one and I'm fine with that. We need to consume time for the bears to get back to the woods again. Once we will have HIVE staying above $0.80-$1 for a few good weeks, or months, then we can say we're in an uptrend again.
Meanwhile, enjoy the Koreans at the pump show! $400 million in 24h trading volume for a coin having just $200 million total market cap is insane.
Thanks for your attention,
Adrian