Hive – Is The Bottom In?

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14 Sept 2024

Altcoin Carnage
HIVE is not the only altcoin to have taken a hammering in recent months. The entire altcoin market, including blue chips, has been obliterated as BTC continued to correct from the $70K region. It’s been a tough time, especially as many altcoin investors were preparing for a highly anticipated altcoin season. The sun can delay, but eventually, it rises with healing in its wings.
The altcoin market needs healing, as many altcoins are down more than 60% from their local tops. That is pretty harsh, especially in a bull market. However, there are often significant corrections during the formative stages of any bull market, and this bull market is no different. The final purge is always seen as unexpected, and yet it has become customary. As we move into the final quarter of 2024 many are optimistic.
I too am optimistic regarding September and October. The market is likely to experience a sudden reversal with the majority of market participants in a state of shock. I have seen this happen over multiple cycles. People are in awe of how a market can suddenly shift regarding sentiment and price action. Looking at HIVE, there is a high probability that the bottom is now in for this WEB3-based digital asset.
A Bargain Buy?
Looking at the HIVE chart reveals a classic descending channel that is about to experience a breakout or rejection. It’s at that critical moment and I am watching for a daily close above the top of the channel. Ideally, I would like to see HIVE trading and closing a daily candle above $0.20. A confirmed breakout could push HIVE significantly higher in the short term with significant resistance at approximately $0.50.

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There is however a low-lying resistance level at approximately $0.27 to $0.30. Depending on Bitcoin, this could be easily overcome. However, it’s too early to say. If HIVE were to be stopped in its tracks at $0.28 it would still be an excellent trade. These types of patterns are exactly what traders are on the lookout for and our Asian friends are likely to jump on this trade were it to break out.
I have already started buying some HIVE on MEXC and am looking to add to my position if a breakout is confirmed in the coming days. As a trader, this is an attractive-looking chart. HODLers are likely to be on the verge of capitulation or taking strain. However, this is a beautiful chart for trading purposes. It is also a good point for HODLers to add to their bags if possible.

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Zooming in on the daily chart reveals how bullish HIVE is right now. Volume is on the rise in September, which is another positive sign. Essentially, volume moves markets. Moves not backed with volume usually fail and give up their gains. However, a volume-backed move is more likely to succeed and move on to higher levels and more aggressive price action.

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Final Thoughts
HIVE is in a beautiful position, regarding a breakout and is likely about to reward those who have exercised patience and waited for such a chart pattern. Please do not consider this investment advice. These are merely my views. Exercise caution and risk management at all times. All the best! See you next time!

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Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.