Earlier in the week I wrote about Hive having an impressive run up, but has since corrected back to the levels it was at before. Hive is struggling to hold the price level and needs more consistent volume to come in and help run the price up and stay there. One issue with Hive’s price is that it is not heavily traded on centralized exchanges, so a decent amount of volume can move the price either way.
Resistance on the 200 Day Moving Average
Hive’s price is hitting its head on the 200 day moving average which is a major level of resistance. It will take a good bit of momentum to break through that level, and by the look of the charts, we don’t have it yet. If we can sustain the 50 day moving average as support, we can at least breathe a sigh of relief and hope it holds support. If not, well, then bull trap has been confirmed and more downside is coming.
Money Needs To Flow Into Hive
Looking at the Market Cipher indicator, the purple wave area represents the MFI or the Money Flow Index. This shows when money is flowing in or out of the markets. We are still on the bearish side of this trend and doesn’t not bold well for holding the current price levels. Prices can’t stay up if money is not flowing into the asset to hold the price up. That’s just how the markets work.
Stay Strong And Hold The Price
Hive is struggling to hold the current level just simply because of a lack of volume sustaining the price levels. The lack of market activity has also shown in the community itself. There is a lack of interest lately from many people other than the core community that are die-hards. But they will continue posting to Hive as long as there are nodes running the network. That just shows that we are still in this bear market and it will take a lot to get us back on the other side.
But don’t feel bad, it’s not just Hive that is struggling, most other assets and markets are being hit hard. The insane global conditions do not help in situation, but that was what blockchain was built for in the first place.
Nothing said is financial advice.
This is for educational and recreational purposes only!
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