Hive : Technical Analysis Uncovers Potential Opportunities

Disclaimer:This technical analysis is for informational purposes only and should not be considered financial advice. Please conduct your own research and due diligence before making any investment decisions.

(HIVE)

Hive, a blockchain hard fork of Steem, utilizes a delegated proof-of-stake (DPOS) consensus mechanism, differing from Steem's original brain-proof-of-brain (BPoB) system. Currently trading at $0.312 with a 24-hour volume of $3.2 million, Hive presents intriguing possibilities for both short-term and long-term investors.

Price Analysis:

Short-Term: Daily price action suggests a rangebound market between $0.293 and $0.385. The current price sits within a potential discount zone, raising the possibility of a retest of support at $0.294. Scalp traders may find entry points within this range attractive.

Long-Term: Weekly charts hint at a downtrend, suggesting a potential revisit of the $0.247 level. However, monthly charts showcase a ranging scenario with resistance at the $0.62 liquidity level.

Conclusion:

Technical analysis highlights both potential short-term buying opportunities in the discount zone and a long-term downtrend with support levels to consider. Investors and traders should conduct their own research and due diligence before making investment decisions.