Hive is starting to hit its head on some resistance around the $1.25 level. This level as you can see in the chart is a pretty significant line of support and resistance as it as served as both. As we saw earlier in the week, Hive was on a run, but the RSI was hitting that overbought level, meaning that it had hit its peak. Well looks like Hive had one more run in it to that 1.25 level before starting it’s cool off period.
Let’s take a look at it a bit closer and with the RSI, shall we…
If you look at the RSI, it hit almost the 80 mark which is really in overbought territory. When the indicators hit these levels, you can expect a bit of a cooling off period. Not to say it will be a big dump, but it will certainly have a slow down and consolidation. This would allow the momentum to cool off back into the neutral zone and allow it room to spring off again.
Looking at the Fibonacci Retracement levels…
Here you can see some possible levels that Hive could correct back to, the first being around the 1.10-1.12 level. Then it could hit the 1.00 level and even a little lower before catching some wind again, so be ready to scoop up some Hive at some discount levels before we continue.
Now all of this being said, these are just estimates. There is no telling with these markets what can happen. All we can do is take the data as we get it and react accordingly. We invite you to use our charting tools to help you along your journey as well as utilize your news and other market resources on Coin Logic.
Nothing we say is financial advise.
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