We tested the $2 level yesterday but the price didn't fall down. We might test it again today and I hope the price will bounce back up again. As you said, this isn't a typical pump and dump and we might see $5 very soon.
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From a purely technical standpoint, $2 does not look very stable. We seem to be forming a triangle with a descending top. The more times the bottom gets tested, the more likely it is to fail. The top is falling because the bulls are running out of money. At some point, the bottom will get punctured and the price will fall.
However, the end of the year is approaching soon and the rest of the crypto market is in extreme fear and Bitcoin is about to test the 20-week and 50-week moving average bull market support band. I think it is likely that BTC and the rest of the market will bounce soon. That is bullish for Hive as well.
Technically, it looks bearish and we may test the $1-$1.5 range in the coming weeks. But if the whole market starts moving up soon, then that scenario may get invalidated and the $2 could prove a new floor for a longer time.
Looks like there was even a little up action this afternoon, but I suppose it could go up more.
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