MEXCHive Price Analysis: HIVE Price Rejecting From $1 Resistance, Does It Indicate Another Bearish Reversal?
The HIVE/USD chart stated the overall trend for the coin is bullish. However, since March ’21, the token made several attempts to breach the crucial resistance of $1, and till today, it is still struggling to overcome this resistance. Stay tuned to see what happens next.
Key technical points:
- The HIVE coin showed a Cup and Handle pattern in the daily time frame chart
- The 50-da EMA provide strong support to the coin price
- The intraday trading volume in the HIVE coin is $675.8 Million, indicating a 314% hike
Source- HIVE/USD chart by Tradingview
The HIVE technical chart revealed an excellent opportunity for crypto traders when it formed a cup and handle pattern in the daily time chart. The neckline for this pattern was a formidable resistance of the $1 mark, which has previously provided a strong rejection of the coin price.
Today, the coin price showed a sudden surge in its price, making a high of 47% from the day’s low. However, most of this rally is already rejected, and now the chart shows a long wick rejection candle.
The crucial EMAs(20, 50, 100, and 200) suggest the HIVE coin is under a strong uptrend. Moreover, the price is obtaining strong support from the 50 EMA line. The Relative Strength Index value at 73 indicates a bullish sentiment for this coin.
HIVE/USD Chart In The 4-hour Time Frame
Source- HIVE/USD chart by Tradingview
The current price of the HIVE coin is $1.04, with an intraday gain of 17.2%. Thus, at the press time, the token price is still trying to sustain above the $1 mark, and therefore, the crypto traders are suggested to wait for the closing of today’s daily candle before entering with a new position.
The MACD indicator lines are moving above the neutral zone, indicating a bullish momentum for this token.
.
.
- Here’s Why Zcash (ZEC) Price Tanked 10% Today Following 500% Rally
- Litecoin Price Jumps, What’s Behind the Sudden Rally? (28 oct)
- Metaplanet Stock Surges 10% on Share Repurchase, Capital Allocation Policy
- AI Meets Smart Routing: Screx Sets a new efficiency Benchmark in DeFi
- Bitwise Solana Staking ETF (BSOL), Canary Litecoin and HBAR ETFs to Launch Today
- Cardano Price Eyes 80% Rally as x402 Upgrade Sparks Hope for AI Payment Expansion
- Polymarket Traders Bet Ethereum Price to Hit $5,000 as Bullish Pattern Forms
- Dogecoin Price Prediction As Whales Scoop Over $300 Million- Is A Bull Run Ahead?
- Pi Coin Price Jumps 24% as 10M Tokens Exit Exchanges – Can Bulls Sustain the Momentum?
- Bitcoin Price Poised to Break $125k? If President Trump Announces Deal with China on October 30th
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
