Everyone with detailed information about the Hive ecosystem states that Hive is undervalued. I am among these people.
When I woke up this morning, I saw that the Hive price had increased by 38%. Following the price increase, Hive ranked 138th in Coinmarketcap's market cap ranking. It is pleasing that investors appreciate the value of Hive to some extent. On the other hand, I think Hive has not yet reached the price level it deserves. Hive, a blockchain more than 300k people use, deserves to be in the top 50.
Why Did Hive Price Rise?
I'm not in a position to definitively answer this question, but I have a hypothesis that I think is most likely valid. At this stage, I would like to quote from yesterday's article.
Meanwhile, Hive's 200-day simple moving average(SMA) stands at 44 cents. If the Hive price crosses this level, we could witness a rapid rise toward the next resistance point, 60 cents.
Alongside the 200-day SMA, the 200-day EMA also crosses the 44-cent level. Traders should have traded in the buy direction, as crossing the 200-day average indicates an uptrend. The price has spiked to the resistance at 60 cents. Therefore, similar to Bitcoin and Ethereum, the Hive price has entered an upward trend.
Will The Hive Price Be Permanent At Current Level?
Those who follow the Hive ecosystem closely have often witnessed the rapid price increases of Hive and HBD. Last year, for example, such instantaneous price increases occurred many times. Each time, prices fell close to the starting level in less than a day. The characteristic features of the rises in question were that they originated from Korean exchanges. In today's rise, most of the trading volume was carried out by Binance. There are also price increases in other coins of the Hive ecosystem, such as SPS and Leo. Therefore, the probability of the increase being permanent is higher than the previous ones. However, I sold my liquid Hive which constituted %8 of my Hive portfolio. I aim to increase the Hive I have in a possible price drop.
What is Next? Will Hive Price Increase Further?
After such a rapid rise, I think it is unlikely that the 60-cent resistance will be overcome in the short term. On the other hand, the logarithmic price model I produced about the Hive price shows that the fair price of the Hive is 80 cents. It points out that the target price for the Hive for the end of 2023 is 1.30 USD.
The next resistance zone for Hive is in the $0.95 - $1 range. To target $1, we first need to digest the current increase.
On the other hand, if things go well in the crypto market, the target price levels I mentioned above may seem ridiculously low after a few years.
Thank you for reading.
P.S. I am not a financial advisor. Please do your own research.
Posted Using LeoFinance Beta
Web3 olarak Hive' ın fiyatı umarım gerçekten paylaştığınız grafikteki gibi 1 doları geçer ve uzun bir süre 1 dolar fiyatının üzerinde gider.
Bazen içimde çok fazla umutsuzluk var ama bu konuda. Fiyatların tekrar 15 cent e kadar düşüşü geliyor aklıma.
Bilgilendirici ve tahminlerinizi öğrenmemiz açısından güzel bir yazı olmuş. Ellerinize sağlık.
!LUV !PIZZA
Teşekkürler. Hive fiyatı Bitcoin ve Ethereum'a paralel hareket edecektir. Kripto piyasasında genel bir bozulma olmazsa problem olmaz diye tahmin ediuorum.
Whelp if Hive manages to hit the 1 dollar mark I will be tempted to sell some so that I can buy in at a lower price... But now the question is... If I sell at 1 usd... And it spikes to 1.5 😂🤣🤣 it's a tricky game
But I'm glad it made the push
Putting aside short term trades, I do not intend to sell Hive before price approaches 1.80 USD
I am tracking hundreds of wallets of whales...and I have yet to see any major BTC being moved to CEX...
I suppose everyone is just doing the mexican standoff...
I suppose this is good news.
Below $1 per HIVE is pretty low for me. I've been piling up HIVE, ETH and MATIC for a long while. Great to see that strong projects get what they deserve when market turns into green ^^
Hive deserved this spike (even more)
Fingers crossed for more of this! 😉
Haha, absolutely.
I sold some Hive during this upswing. If the prices drop exactly as you say, I will buy Hive again and increase the amount of Hive I have. If not, I can buy a nice gift for my girlfriend with this money XD
Win-win. It sounds nice :)
Hive has proven awesomely in the market this time, but I'll want more spike, I am one of the person's which believe hive should be in the top 50, anyway let appreciate what we have now, it's a blessing. 🥰
I hope we can see the full fledged bull market by the end of this year. The pattern of the market these days are unpredictable.
I gifted $PIZZA slices here:
@mehmetfix(10/10) tipped @muratkbesiroglu (x1)
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