Crypto Analysis | Hive Rally Like In 2021?

Good day Hiveians!

Join me in analyzing the crypto markets!

 

Looking at the chart for Hive we could be heading for a 2021 repeat

Hive has seen the expected price action to ~60 cents (and the expected dump back down). Currently, we are "stableish" at around 45 cents which also is where the 200 EMA is sitting. This could be the support we need for Hive to continue the rally. Last week I also gave an outlook of where I think Hive's price could be heading in 2023. Since we are now confirming the first part of that outlook (a rise to 60 cents, although we still need to see this on the weekly chart), I wanted to have a more detailed look at the more bullish scenario.

I presented it last time and it looked like this:

This would be quite the rally! A continued rise to about ~$2 in March/April of this year! The reason why I included this scenario is because we saw the same price action in 2021. Back then price rose from ~11 cents to ~$1 in mere weeks.

The two green boxes could be areas of similarities. They already share the commonality of having a start of the rally at new year and making similar strong price increases over the same time span.

This is more evident when drawing in the weekly support of that price movement. When we extrapolate it for the current time we get two lines like this:

This of course is still speculation. But we will see a confirmations along the way (the most important being the weekly candles closing above that trend line). There are 3 major resistances facing this increase in price seen here in red:

The first and lowest one is not too strong since it was already broken on the daily chart. But the next one, the "horizontal resistance" is a much stronger one having been with us since the beginning. It has so far managed to stop the price increase in 2022 and will provide a challenge in the coming weeks (the last pump was also stopped by this resistance at ~62 cents). If price should manage to overcome these resistances, I think price could continue its rally until about $2 when it will encounter the top red trend line. This is how high price will probably rise before seeing a big correction. This correction would then take us back to about ~60 cents where the horizontal resistance would turn into a support.

 

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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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