Hive Price Analysis: HIVE Price Rejecting From $1 Resistance, Does It Indicate Another Bearish Reversal? 

Source : coingape.com

The HIVE/USD chart stated the overall trend for the coin is bullish. However, since March ’21, the token made several attempts to breach the crucial resistance of $1, and till today, it is still struggling to overcome this resistance. Stay tuned to see what happens next.

Key technical points:

  • The HIVE coin showed a Cup and Handle pattern in the daily time frame chart
  • The 50-da EMA provide strong support to the coin price
  • The intraday trading volume in the HIVE coin is $675.8 Million, indicating a 314% hike

Source- HIVE/USD chart by Tradingview

The HIVE technical chart revealed an excellent opportunity for crypto traders when it formed a cup and handle pattern in the daily time chart. The neckline for this pattern was a formidable resistance of the $1 mark, which has previously provided a strong rejection of the coin price.

Today, the coin price showed a sudden surge in its price, making a high of 47% from the day’s low. However, most of this rally is already rejected, and now the chart shows a long wick rejection candle.

The crucial EMAs(20, 50, 100, and 200) suggest the HIVE coin is under a strong uptrend. Moreover, the price is obtaining strong support from the 50 EMA line. The Relative Strength Index value at 73 indicates a bullish sentiment for this coin. 

HIVE/USD Chart In The 4-hour Time Frame

TradingView Chart

Source- HIVE/USD chart by Tradingview

The current price of the HIVE coin is $1.04, with an intraday gain of 17.2%. Thus, at the press time, the token price is still trying to sustain above the $1 mark, and therefore, the crypto traders are suggested to wait for the closing of today’s daily candle before entering with a new position.

The MACD indicator lines are moving above the neutral zone, indicating a bullish momentum for this token.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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