Crypto Analysis | Can Hive Sustain Its Momentum?
Good day Hiveians!
Join me in analyzing the crypto markets!
Ever since the Hive spikes were back there has been an increased momentum to the upside
But it's also clear that this upward momentum is on shaky grounds since the whole of crypto is in a bear market. So how long could this upward push last? We have seen a high of $0.67 briefly before coming back down to the 50 cents area. These are big movements (the spikes or pump & dumps) which are not sustained movements. However, there is an upward trend, albeit a very weak one.
On the bigger scale, we have so far seen 3 corrective waves (red) and 2 impulse waves (blue). The recent upward trend is almost not visible here as it dissolves into a larger downward trend like the the other brief upward pushes in Spring of this year. So it could also only be a brief spike before we see a further downturn. As outlined in another post, it seems that the bear market will still last at least a half a year until the end of 2022. This is why this bigger correction wave seen in red is so prolonged.
Nevertheless, there is a good chance for Hive and the entire crypto market to move upwards further as it is unlikely that the markets just continue their decline. In all bear markets there have beenb bear market rallies lasting for several weeks and even months. For this reason I think we could see something like this:
A smaller upward trend taking us to about the 80 cents range, before in July/August heading for another dive, perhaps to about 30 cents. If so, then this corrective wave is still going to last until about the end of this year before finally actually heading into another impulse wave.
It's woorth pointing out that Hive is still moving on average upwards and within an ascending channel! This is actually even more amazing when one looks at other coins which have already long ago broken their ascending channels. But as seen in the chart above, Hive might break this channel to create a parallel channel which is,, however, still bullish!
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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