It was only 10 days ago I was asking Is Capitulation at Hand? and we didn’t have to wait long to find out the answer. HIVE had a couple of truly shocking trading days this week dropping from 27 cents to just 20 in such a sharp move it couldn’t be described as anything other than Capitulation.
Source
So the question is – What now? We’ve made a new low at 20 cents which is a nice round number and as good a spot as any to establish new Support. That part is kind of encouraging. For the last day or 2 it’s bounced around 21 cents and while there is some Trade Volume there, the initial bounce is fairly minimal. Often markets will put in a Dead Cat Bounce before heading lower, or they will rally sharply to signal a proper Trend Reversal.
Today the HIVE price has sharply jumped back up to 23 cents so maybe this is where the Bargain Hunters are starting to come back in. I personally think we might need to consolidate in the range of 20 to 25 cents for a month or so before investors will start to get confident that the Support at 20 cents will hold...so that’s what I’m calling for. Consolidation.
All up I think one of the reasons why this recent drop has been so devastating is that it’s NOT in the context of a broader move in the Crypto markets. Often HIVE gets washed around with Bitcoin and Ethereum and it follows the Big Dogs both UP and DOWN...but this one has been different.
I put it down to Lagging Sentiment and a Technical Chart Setup that indicated a sell off was due, but neither of these things tell me that HIVE is dead. To the contrary, Sentiment and Technical Indicators can turn around quickly with the right catalysts. I am cautiously optimistic that is what we will see next and if you have the stones for it this could yet turn out to be a great spot to buy. Long live HIVE!
Hive is going to 0 against BTC, just like everything else. Sure, use the platform to generate additional income, but then get out while you can mate. Don't use it as a store of wealth.
It's good advice, though I don't really like the idea of being a value extractor either.
I heard something interesting yesterday, listening to one of the many podcasts I listen to while I'm doing other shit. It was talking specifically about alts. Given how far out on the risk curve they are, the advice was "don't question why you are right (that is easy), question why you might be wrong".
Great advice. Sounds like a true contrarian mindset. Hard to do unless you can put ego aside because at the end of the day everyone wants to be right.
Ah dang, I was hoping to snag a bit more at that lower price. I guess I can't really complain though, $.24 still isn't too bad!
Nothing is making any sense in any market right now. Metals, dollar, crypto….
It could rally and start making spikes in Dec 2024.
A rare opportunity for buyers at 20 cents, a level which was not visited for more than 2 years.
Steem also went down, and was lower than hive, which was nice to see.
Hive continues to worry me, I did buy some extra at around $0.22, but it's not bouncing back well as of yet. Everything on the market has been a little weird as of late.
I logged on to binance to see hive among the gainers. I hope the upward progress continues. Anyways we can only watch and hope. Thanks for sharing.
Some people also predicted that it could be like this till around September before we get a good pump
!LADY
View or trade
LOHtokens.@rafzat, you successfully shared 0.1000 LOH with @buggedout and you earned 0.1000 LOH as tips. (1/4 calls)
Use !LADY command to share LOH! More details available in this post.