October 5, 2022

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

2 min read

HIVE coinHIVE coin

The HIVE/USD chart stated the total pattern for the coin is bullish. However, since March ’21, the token made a number of attempts to breach the important resistance of $1, and till today, it is still struggling to overcome this resistance. Stay tuned to

see what takes place next. Key technical points:

  • The HIVE coin revealed a Cup and Handle pattern in the everyday time frame chart
  • The 50-da EMA provide strong assistance to the coin cost
  • The intraday trading volume in the HIVE coin is $675.8 Million, suggesting a 314% hike

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/t/T6y1OTBh.png"alt=" TradingView Chart"/ >

Source-HIVE/USD chart by Tradingview The HIVE technical chart exposed an outstanding opportunity for crypto traders when it formed a cup and manage pattern in the day-to-day time chart. The neck line for this pattern was a powerful resistance of the $1 mark, which has previously offered a strong rejection of the coin cost.

Today, the coin rate revealed an abrupt surge in its price, making a high of 47% from the day’s low. Nevertheless, most of this rally is currently rejected, and now the chart shows a long wick rejection candle light.

The crucial EMAs(20, 50, 100, and 200) recommend the HIVE coin is under a strong uptrend. Additionally, the cost is getting strong support from the 50 EMA line. The Relative Strength Index worth at 73 suggests a bullish belief for this coin.

HIVE/USD Chart In The 4-hour Time Frame

TradingView Chart

< img src="https://s3.tradingview.com/snapshots/t/tyDQfy68.png"alt="TradingView Chart"/ > Source-HIVE/USD chart by Tradingview

The present price of the HIVE coin is $1.04, with an intraday gain of 17.2%. Therefore, at the press time, the token cost is still trying to sustain above the $1 mark, and for that reason, the crypto traders are recommended to await the closing these days’s everyday candle light before going into with a new position.

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

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