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Hive (HIVE / USD) New Channel - Rising Price?

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CriptoAr
@criptoar
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Hive today can confirm the start of an ascending channel, which is good news and we'll see why.

Let's see

Daily graphical 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 graph, the price that marked a floor at $ 0.23 has not been touched again, which is a good sign

A bit of History on Hive prices

Hive had a big bullish momentum with the listing on the Huobi exchange

When any alcoins has such a sudden upward movement and correction, it's normal for them to need to build up strength to start a new boost. 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's price corrected so much is due:

  • Short-term price rise (pump)
  • The decrease in volume, since there are few buyers, the price continues to decrease seeking strength.
  • Powern Down

Hive's price is still pegged to Steem's, 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 the decisions of the votes of the witnesses.

We are still linked to Steem, why? Powern Down

Hive users may be doing Steem Power Down and vice versa. Steem users may be Power Downing 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 the massive sales of tokens.

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.

But a key date is June 20, 3 months ago, a key date because those who have awarded Power Down may have liquidated most of their position.

Other key facts

  • Price in recent days reaches support of $ 0.23 and starts to rise
  • RSI remains above 42 points, which is good. (When it was less than 42 points, the price continued to correct.) But in 4h charts it shows signs of overbought.
  • The volume continues to increase in the last 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 starts to form an ascending channel from the support price, if it fails, it will continue 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 descending channel that had formed and validated a support price of $ 0.23 and you begin to see the formation of an ascending lateral channel

The RSI in 4hs shows overbought values ​​so the price can correct following its new channel

What could we see in the coming days? We could see a fluctuation of the price by the ascending lateral channel that is forming.

That the volume grows is a good indication, it could be indicating that investors or the exchange may be buying the Hive coin.

What you think?

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The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.

We will continue monitoring To be attentive Protect your Investments

If the analysis helped you, give your vote with some hive, thanks !!

Lately I have noticed that there is no good analysis on hive, everything takes time, I ask that as you read them leave your vote, it is a way to encourage you to continue making more reports, thanks.

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are. Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment. If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.

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