- The HIVE coin price broke through a six-month-long trendline at the $0.3454 level.
- The price is performing above the 50-day and the 200-day EMAs.
Launched in March 2020, Hive (HIVE) is a blockchain that runs on a delegated proof-of-stake (DPoS) consensus mechanism. It started as a hard fork of the centralized Steem blockchain and a gateway from Web 2.0 to Web 3.0, which offers lightning-fast processing times and fee-less transactions.
One-Year Price Performance of the HIVE Coin
The HIVE coin price gave a return of more than 150% in early February 2023. The movement started from $0.2483 support in December 2023 and ended at $0.6292 resistance. Subsequently, the price fell to the 61.80% retracement level at $0.4022.
From that level, the buyers again attempted to push the price above $0.6292 resistance but failed due to low strength. Consequently, the HIVE coin price gave a breakdown of $0.4022 support causing a bearish sentiment at that trading phase.
On March 10, 2023, the price fell to the $0.3234 support level with a decline of over 40% from the $0.5757 resistance. It again attempted to reach the major resistance of $0.6269 and failed because of the higher supply pressure at $0.4919 resistance.
The HIVE coin price gave a breakout at $0.3454 from a trendline forming below in July 2023. It successfully retested the $0.4022 key resistance level, which can play a major role in future trading sessions.
Technical Analysis of the HIVE Coin
The HIVE coin price is crossed above the 50-day and the 200-day EMAs, reflecting a bullish trend. At present, both the EMAs had a bullish crossover at $0.3408 and it can lead the price to a strong uptrend. The 50-day EMA is moving at $0.3430 and the 200-day EMA is at the $0.3413 level.
Conversely, the HIVE coin price gave a breakout at the $0.3454 level from a trendline forming below. It retested $0.4022 resistance and fell to the $0.2721 demand level for a breakout correction. Now, the price crossed above the $0.3454 breakout level.
At press time, the HIVE coin price is moving toward the $0.3454 breakout level for a bullish correction. If that level successfully supports the current price, it may reach $0.4022 resistance. However, the closing below $0.3234 can lead to a consolidation.
Moreover, the relative strength index (RSI) is showing negative momentum from the 70-mark upper band. It crossed below the 50-mark neutral band reflecting a neutral perspective. Currently, the RSI is moving at 48.97 below the signal line.
Conclusion
The HIVE coin price has given a breakout from the downwards-sloping trendline and successfully retested the $0.2721 demand level. The moving averages made a bullish crossover with each other can lead to a strong uptrend. At present, the HIVE coin price is moving toward the $0.3454 breakout level for a bullish correction. If that level successfully supports the current price, it may reach $0.4022 resistance. However, the closing below $0.3234 can lead to a consolidation.
Technical Levels
- Resistance levels: $0.4232 and $0.4919
- Support levels: $0.3234 and $0.2483
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.