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This question is of course a broader question directed at the crypto market as such
Nevertheless, Hive has often shown in the past that it can make massive gains in a flat or even red market. Just in the last big impulse wave going up to $3 Hive was often up 50%+ when BTC was trading flat. So there is a potential for huge moves. But Hive also tends to have brutal corrections with having price losses of 85%+ Just as recently as last year. The low of 70 cents from the $3.4 top also represents a 80% loss. But having had such a big correction is therefore quite bullish as coins rarely correct more than that. Unless of course we are in a bear market... which might be the case if the Ukrainian crisis does not get resolved fast.
Just two weeks ago I talked about Hive being already up by 45% from the "big crash". Since then we saw a lower low which is in itself bearish. However, the secondary support at 70 cents has now held two times and seems to be a good support level.
This weekly supporting trend line I think plays a major role in how things will unfold. I highlighted it in this chart here which makes it more salient. You can see that for most of the time Hive has remained in the green zone. It was only in September that price breached into the yellow area sustainably with a weekly candle close. Since then Hive has remained above this threshold. I would argue that this is in itself bullish since prices tend to retest the initial resistance before breaking out higher. This would be the case since the high of $3.4 retested this support at 70 cents.
The main support would only come into play if we enter a bear market. If so, Hive would easily go to 50 cents, but hopefully not too much lower. The more favorable scenario is for Hive to bounce off of this support to newer highs. If we take the price movement from July 2021 to November 2021, a similar movement would look like the purple path plotted in the next chart. This is obviously extremely bullish; and before the geopolitical crisis I was favoring this scenario. A very bearish scenario would be the one in blue and would probably play out if the crisis cannot be solved.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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