The Koreans on Upbit are making the price of Hive crypto going up - We take a look at how, why and to what extent.
The price of Hive crypto is going up because the coin’s lack of liquidity makes it extremely easy for [Korean traders on Upbit to take advantage.
Oh those zany Koreans, am I right?
As Hive crypto makes another run above $1 today, let’s take a look at how we know it’s the Koreans, why they’re pumping HIVE and make a prediction as to how high it can go.
How we know Hive crypto is going up because of the Koreans
Hive crypto is going up because traders on the Korean exchange Upbit are pumping it.
Upbit is a Korean exchange that requires KYC and offers a HIVE/KRW (South Korean won) trading pair to its registered, local clients.
Bring up the Hive CoinGecko page, scroll down and hit the Markets tab.
Gate, Binance, Huobi and MEXC all make up the top-ranked exchanges with green trust scores.
Each trading against some USD or BTC.
All seems pretty normal, right?
Well now hit the 24h volume column and reorganise the list by highest to lowest.
Now we see Upbit is ranked a clear number 1 with an absolutely astronomical $176,298,896 of volume today alone.
All through its ridiculously niche HIVE/KRW trading pair that only the Koreans have access to.
Lol.
Just lol.
Why are the Koreans pumping Hive crypto?
The Koreans are pumping the price of Hive crypto because it’s a low liquidity, low supply coin that they’re able to take advantage of via a closed KRW market.
Do you like making money?
Well, it turns out that this isn’t a phenomenon reserved for those of us in the west.
It turns out that the Koreans like making money too… insert a Squid Game prize money joke here.
It’s certainly a bit dodgy, but who are we to question the role of Korean financial regulators in the global, decentralised marketplace we’re all a part of.
I’m sure they have it under perfect control.
Never mind me, I’m just jealous I’m not in on it.
How high can the Hive crypto price go?
Just taking a look at the technicals, Hive crypto looks on the cusp of a major price breakout.
I’m ignoring the ridiculous Korean pump and dump wicks that are shooting well above the $1 level and focusing on the daily closing prices under more stable trading conditions.
Take a look at the following Hive daily chart with my key point drawn on in red.
HIVE/USD Daily:
A clean ascending triangle.
Those higher lows show that each time price pulls back, just a little more of the true supply gets soaked up.
What happens when there’s no more supply left to be absorbed and all that remains is demand above the $1 resistance line at the top of the triangle?
BREAKOUT BABY!
With everything else we know about what’s going on here on Hive, combined with that classic technical setup, it just feels like we’re on the cusp.
Final thoughts on why Hive crypto is going up
But the wider crypto community is starting to discover our fast and scalable chain - You know, the premier blockchain for web 3?
I've spoken about Hive crypto being a good investment this year already and the price action we see above only makes my case stronger.
Good things are coming.
You've had more than enough time and warning.
Just make sure you've put yourself in a position to take full advantage when they arrive.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not share a chart or leave a comment with your opinion on why Hive crypto is going up? All comments that add something to the discussion will be upvoted.
This Hive crypto blog is exclusive to leofinance.io.