Can Hive Hold Support At The Current Levels?
Hive's recent pump saw it come just shy of the $.50 mark before quickly getting beaten back down. It has since settled around the $.44 level, but can is sustain? Let's dig in to the charts and find out, shall we?
Hive is Finding Support But Losing Momentum
Being that the price of Hive is still above the 200 period moving average, in this case we are looking at the 6 Hour time frame, which is a bullish indication, and with the current candle seeming to hold around $.44, we could see the bulls trying to hold the price up, but the momentum is starting to decrease as can be seen on both the Market Cipher indicator in the bottom section of the chart, as well as the modified squeeze momentum indicator that is built into the new 'Coin Logic Super Indicator', yes I am still working on a better name for the indicator and the code will be released as the first member's only indicator.
Need More Consistent Volume
These random pump and dumps that Hive has shows a weakness in the markets. This means that it doesn't take a ton of money to move the price of Hive on the exchanges and what we get are these random spikes in price. We need more liquidity and consistent volume for Hive running through the markets to help tame the random volatility and let it have more natural movements in price.
Not The Same Scheduled Pump, Who Could It Be?
Not sure who caused this pump, but it doesn't align with the same steady pumps we get from the Korean community on Hive (or so I have been told that is who it is). But these pumps usually happen between the 20th and the 24th of the month. This pump we just had doesn't align with that, so do we have a new big player coming to the chain?
Recently, Hive member @bigtakosensei had an interaction with someone on the team of Presearch in which I was named as one of the people to follow on Hive. First of all, I just want to say thank you for that shout out, that gave me the big warm and fuzzies, but could this person be the one that fell in love with our little platform and bought a big bag and pumped the price? I am just curious at this point, lol. I suppose I could go though the block explorer and do some sleuthing, but nah, too lazy, so I will just speculate, lol. Maybe someone like @dalz could pull it up pretty quick, I'll let the data guys have that run, for me, I'll just keep watching the charts, that's enough data for me to watch for now, lol.
Final Thoughts
As I watch the price of Hive, I want to believe that our little blockchain ecosystem is going to explode at some point, but I do have to think that we are now 3 years old and it's still mostly the same ole gang. Is there anything else we can do to help retain new users? I recently read a post, and honestly forgot who wrote it, about that very issue and I am now looking at it as a possible correlation with the price. The more active users, the more volume rolling though, the higher the price climbs in most cases. So are we just still in a bear market lull, or are we about to spring to the moon? Would love to know your thoughts in the comments.
Post is also posted on my crypto research site, Coin Logic.
Nothing said is financial advice.
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