Hive Token And The Quest for $1: Sharp Pull Backs, consolidation. Are we on our way?
Binance 1wk hive/usdt
The date was 26th of April 2020.Hive holders were about to witness a mind blowing experience. What started as a typical slow day went from 0-100 in a matter of hours. The Hive token opened price for the day at $0.512, in a twinkle, price pushed to an all time high of $0.98 almost a Dollar for one Hive token. Almost a 100% increase for the day. It was quite a sight. Taking into consideration price has been on an uptrend the previous days leading to the new all time high. Technically price has risen over 500%. The stuffs dreams are made of. Nobody saw that coming.
THE CRASH
In a sharp turn of event, price could not hold on to the new high. $0.9 looked too far. Hive token fell to a low of $0.54 the following day. A loss of almost 50%. Since then price has not recovered. Tumbling to lows and lower lows. From a high of $0.98, falling to new all time low of $.09. Since then price has been in consolidation between $0.1 to $0.2.
RENEWED INTEREST?
Following what seems like a renewed interest in the Hive token, price broke out its weeks/months consolidation. From January lows of $0.11 it rose to $0.813 March 23. An almost 800% increase from January low.
DEJA VU?
Price has been in a renewed upward trend. Almost at the all time high of 2020. In another twist, reminiscent of April 2020. There was a sharp pull back from the high. Price fell back to $0.5034, that's about a 40% loss. Is this a minor correction? Well it seems so. Price holding up at the moment.
OUTLOOK GOING FORWARD
Irrespective of the sharp pull back, price still looks bullish(my opinion) at least for now. Provided price stays above April 2020 support at $0.43,i believe there is a case for more upward movement.
Binance Hive/Usdt 4hrs
The march monthly close should give us a clearer picture. At the moment price action looks flat. Volume is almost non existent. Consolidation on the hourly and 4 hours chat. Price waiting for a major move. $0.44 must hold for a push up back to $0.53 for a better case for $1 Hive.
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Well I just read an article about HODLing being the best strategy.
I’m gonna do that.
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That's a great strategy too. Most people prefer it to trading.
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