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Steem pumped by more than 60% and almost met Hive's price
Honestly, I haven't tracked Steem for years and I never wanted to chart it again. But with the recent pump I felt it was necessary to once again look at it and see how it has compared to Hive over the last couple of years. Of course it's sad state of affairs should Steem be at par with Hive again. Hive is superior to Steem on every metric I believe; be it dapps, tech, development, community etc. In just 3 years Hive has so much developed that they are only rudimentary similar. We got a solid HBD performance through a new stabilization mechanism, fast speeds and block times, RC delegation and so forth. Here on Hive we can also truly say that we have a decentralized blockchain; on Steem on the other hand the witnesses are very likely still under centralized control.
TA
Does Steem's recent pump mean that it will soon "outperform" Hive on the price metric? I doubt it as the charts look fundamentally different. Here we see Steem:
We can see the 2018 bull market high as well as the 2021 bull market "high". Although as we can see it really wasn't a remarkable high at around $1. It is clear that the coin underperformed and failed to get anywhere near its previous ATH. Moreover, we can see that price is stuck in a sideways wedge that still has room left for more than 1.5 years. Price would probably pick up somewhat should it break out of this triangle, but it could just as easily stay at low levels, pushing the resistance just a bit up and extend the line to the right.
Compare this with Hive:
Granted, the movement is somewhat similar in the two observed periods. But so was pretty much every other coin. What seems to be fundamentally different is where price seems to be heading for both coins. In Steem we have a sideways moving wedge, that could indicate many more years of "consolidation" (if we want to call it that). For Hive, we instead see an ascending channel. This is potentially a very different movement. While Steem could still be ar around 20 cents in early 2025, Hive's top resistance of that channel points to around $12. I don't think that price will actually be there at that time, but it does give us a completely different picture. Even if we take the mean of that channel, we would still get around $4 for the middle of 2025.
Hive is now at a crucial juncture as seen in the chart. Price is starting to break out of the weekly resistance (purple line) and will very likely continue upward should it cross it with a candle close above that line. If so, I would expect a continued upward price momentum for the next several months.
Conclusion
I think it is very clear not just from a fundamental point of where these two project stand, but also from a TA perspective that the future for both coins seems to be very different indeed. Steem might still do the occasional pump (which Hive does as well), but I doubt that this can lead to a sustained increase in price. Hive should soon be at 50+ cents if it can overcome the resistances that it is now starting to break.
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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