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Exactly 2 months ago I cautioned about a big drop for Hive
And we got just that. I called it the "worst case scenario" seeing Hive dropping to 15 cents and I guess the silver lining is that the worst might just be behind us now. Here is the chart as well as the post again:
And now let's look what has happened since then.
Price bottomed at a bit sub 15 cents! The tell tale sign was from the historic lows in the weekly chart in 2020 which gave us a trend line to current price levels. But another one was the big wick in 2021 down to around 16 cents. I always thought that price would have to revisit these levels before the bear market would be truly over.
With these latest developments we have to also revise the chart I posted in the post above.
It seems that we might not have an "accumulation phase" for Hive. It could be just 1 year bull and 3 years bear. A bit unfortunate, but it's too early to point to macro patterns just yet. I would revise the chart in this way:
I would call this the best case scenario - which is although a bit disappointing as it would have price barely above the previous ATH. It's essentially the same bull run extension from 2021 extrapolated to 2024/5. There are still many resistances to overcome - a big one in the 20s (breakdown area) as well as in the 40s (price has been blocked by this trend line since 2022). If these resistances can be overcome, I think it is quite possible to reach for the $4-5 mark. The next months will be telling.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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Nice post! So we got the descending triangle in the end.. I think $4-5 ATH is pretty darn good, we don't want to mirror Steem last cycle which will be depressing :/ First bull div on weekly as I can see :), we had 6 on daily chart.
thanks!
Let's hope you'll be right.
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