Price Analysis

Hive Appears Intraday Bullish but Lacks Steady Support

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Hive—a hard fork of STEEM, is a social blockchain network with fair and complete decentralization, speed, and one of the most scalable platforms amongst the top 150 cryptos of the market. Hive is comparatively new crypto, with an All-Time High marked earlier this year in April around $0.98, while currently trades at $0.194 with complete bullish rejection.

Moreover, with a total bearish crossover, HIVE/USD has lost a gush of traction since the previous month after a brief candlewick high around $0.33 in the previous month.

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Hive Price Analysis

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HIVE/USD Chart By TradingView

After a free fall and a flattened trend in the early months after getting listed, Hive hit the lowest around $0.143 towards the end of June 2020. The currency, thereafter, followed a flattish trend until the beginning of the ongoing month when it turned completely bearish as the largest cryptocurrency by market capitalization tested supports around $10k too and currently trades in the lower range at $10.3k.

The Bollinger Bands do not exhibit any trading extremities against the US Dollar and is back to trading within the range and inclined towards the upper Bollinger Band with intraday gain in traction after breaching the lower band around the monthly support at $0.155.

In this regard, the MACD chart draws a bullish divergence despite coin drawing a bearish sentiment, due to intraday recovery from the recent lows. The RSI of HIVE is at 52.99 and is seen amplifying from the testing supports to regaining the lost momentum. HIVE, however, is failing to retain support from the daily MAs on the 8-hourly chart after trading below $0.200 against the greenback.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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