HIVE Price Rejected from a Crucial Resistance!
Hello and welcome to episode 08 of TA (Technical Analysis) Today we are diving into the Hive Token!
I told you just 2 days ago, based on my analysis, that Hive is not trading above any support but near an important resistance. Which is not directly negative but until it breaks the resistance level and closes, it will not be right to call it strongly bullish. Because this resistance has been acting as an important obstacle for almost 3 years continuously.
Look at the 2 new candles on the right in the above chart. In the candle before the current red candle, i.e. yesterday, in a big momentum huge buying was seen in the Hive which pushed the prices to 0.4950 but the price could not hold there till the candle closed and again closed below this key resistance with a decline of almost 19% and after that, till today also we have seen a decline of almost 12%.
Looking at the recent high, we have seen a total decline of about 28% in the last 24 hours. With this, once again the pressure on this token can be understood, although it is not completely negative because we also have some support areas in 1 day and 4 hour timeframe, out of which hive is currently trading on one support area.
The journey to $1 and beyond can start again and we can make profits too. Provided we maintain our faith in the project and at the same time, understand the price action so that when there is a fall from a particular resistance, we don’t panic and when buying is seen at support we can build our positions at better levels with proper risk management and confidence.
And keep an eye on the $0.50 level for now as Hive will need to sustain at or above this level first.
Upvoted! Thank you for supporting witness @jswit.
That is actually a sign of hive might be bleeding very soon if we are not careful right?
It would be too much to use the word 'bleeding' but yes if it does not break the resistance and starts downward momentum then it may remain stuck in these lower levels for some more time.