Namaste to all #investors and #traders. 🙏
Earlier this year I wrote a blog on the future of the HIVE token, at that time it was trading at or above 0.35 USD. But currently, its price has come down to 0.3 USD, and seeing the price of this token here today reminded me of my previous blog where I talked about a support area.
I know technically any decline is not a good sign but since here we already know about a pattern and trend, so instead of getting worried about this small decline, we need to understand whether the price is still in our analyzed range and will this support be seen doing its work again here?
Source. | HIVE/USD 1Day time frame chart.
So by looking at its chart here, one thing can be clearly understood that the price is in continuous decline which is undoubtedly worrying. BUT As I mentioned in the previous analysis, there is also a support on the downside which shows that the price does not break its previous major swing low. which you can understand by looking at the red support trend line in the chart above. Also in the white ellipse area, you can see the levels where the price was trading at the time of our last analysis. If the price went up from there then it would have been a great move.
Source. | HIVE/USD 1Day time frame chart.
The important thing here is that after falling for some time, the HIVE is currently trading close to this Major Support Area.
To be precise, the red trend line should act as a support and the blue straight line is the level of the previous major swing low. To remain in the current trend, the price must remain above the blue straight line, but the price near the red trend line becomes attractive not only for a long-term perspective but also for short-term trading.
Although no one can say with absolute certainty that the price will go up, but considering its historical data and trend so far, history can repeat itself. And this is not my but very important assumption of technical analysis that history tends to repeat itself.
Source. | HIVE/USD 1Day time frame chart.
And by the way, if you look at its past price movement, the last time the bulls established their dominance by coming close to this support line, it saw an increase of almost 48% in just 70 days.
So if that happens, that is, if the price takes the support of the red trend line or the level of 0.27-0.29 again this time, then even if we do not talk about a big upmove after the breakout, the price can still give up to 30% returns from here while still remaining in the trend.
Isn't it exciting?
So I'm just going to try to accumulate as many Hive tokens as I can on these levels. Tell me what are your plans and what do you think about it?
Thank you for being here and appreciating my blog!🙏
English is not my first language. So sometimes I use 'Google Translate'. Please don't think that anything I have written in this blog has been copied from somewhere or is AI-generated.
That's all for today!
Keep Learning, Earning, and Growing.
Have a Blessed Weekend!
Posted Using InLeo Alpha
