- An increase of 2.62% has been observed in the HIVE price during the intraday trading session.
- Moving averages suggest a strong negative signal in the current phase.
- The trading volume has increased by over 30% in the last 24-hour session.
Launched in March 2020 as a hard fork of the centralized Steem blockchain, Hive (HIVE) is a blockchain that offers fast processing times and fee-less transactions. It is a blockchain secured by a delegated proof-of-stake (DPoS) consensus algorithm. The platform provides monetized rewards for content creators on social media, blockchain games, identity management, micro-loans, and more.
HIVE Crypto Lost Marbles, Six Month Returns Left to 0.77%
In September 2023, Hive crypto gained positive attention from investors. The cryptocurrency price surged 45% from the $0.2687 key demand level. The price reached the $0.3909 supply level, which positively impacted the market sentiments. However, Some profit-keeping happened from the $0.3909 supply level.
The price fell to the $0.2935 demand level during the bullish correction period due to the change of character in the market structure. That spot became a bullish point of interest for crypto cruisers and traders. They jumped and surged the HIVE price by almost 70% on Mach 2024. Afterward, the cryptocurrency suffered a heavy fall to date.
Hive has an uncapped maximum token supply, and there are 500 million HIVEs currently circulating in the market. The total diluted valuation for this project is estimated at around $152.65 Million, which is also the current market capitalization. The trading volume has reached $4.35 in the last 24 hours.
Price to Volume and Social Dominance Analysis
The social buzz of the cryptocurrency hiped in early January 2024, covering almost 0.16% dominance on social platforms. Since then, the social buzz has been slowly fading to date, currently at 0.03%. Conversely, the price and volume are unbothered by the social buzz. Their noticeable positive rise started after February 7, 2024. This reflects that cryptocurrency does not require a constant need for social buzz.
Technical Analysis (HIVE)
The crypto price slipped below the key exponential moving averages, indicating negative sentiments in technical terms. The multiple crossovers between the 50-day and 200-day EMAs reflect uncertainty in the price direction.
HIVE price faced resistance from the $0.4939 key level and fell 31% on the $0.3387 bullish point of interest (POI). The recent opposing rally from the $0.4297 supply level broke below the $0.3387 POI. The current price is hovering above the $0.2935. If the price slips below that level, it may fall on the $0.2687 demand level. On the flip side, the price should close above the $0.4297 supply level.
The relative strength index (RSI) is showing weak bearish momentum in the current phase, indicating a potential bullish reversal. The RSI is moving at 35.03 below the signal line.
Summary
HIVE cryptocurrency has been reflecting uncertainty in the trend since January 2024. The six-month returns of HIVE crypto are left null in the current phase. At press time, the price is trading at $0.3038. If the HIVE price slips below that level, it may fall on the $0.2687 demand level. On the flip side, the price should close above the $0.4297 supply level.
Technical Levels
- Resistance Levels: $0.3665 and $0.4297
- Support Levels: $0.2935 and $0.2687
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 or stock comes with a risk of financial loss.