Last 24 hours we see insane price action on hive. Let's see what the chart say about it.
Price Action:
Hive has surged to $0.478, marking a 43.89% gain in the last 24 hours. It has reached a high of $0.4950 and a low of $0.3241 in the same timeframe.Volume:
A significant spike in trading volume is evident. 189.93M HIVE and $81.47M USDT have been traded, indicating strong market activity and interest.Exponential Moving Averages (EMA):
- EMA(7): $0.4028
- EMA(25): $0.3561
- EMA(99): $0.3236
The price is trading well above all the EMAs, indicating strong bullish momentum.
Relative Strength Index (RSI):
The RSI (6) is at 93.11, signaling extreme overbought conditions. This may indicate a short-term correction.Candlestick Patterns:
The recent green candles with high volume suggest strong buyer interest, but the vertical rise is characteristic of speculative moves.Support and Resistance Levels:
- Support: $0.3542 (previous consolidation area).
- Resistance: $0.5054 (psychological level and next target).
Pump and Dump or Bull Run?
The sharp increase, high RSI, and significant volume suggest this could be a pump-and-dump scenario driven by speculative trading. However, if the price sustains above the support level of $0.3542 in the coming sessions with steady volume, it may develop into a short-term bull run.
Conclusion:
Monitor the price closely. The overbought RSI and rapid rise indicate potential profit-taking or reversal. A sustained move above $0.50 could confirm further upside, while a drop below $0.40 could signal a pullback.
All trading is on UPBIT in Korea. Same for STEEM.
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