$HIVE /USDT - Facing a Sharp Correction, Finding Support š
Current Price: $0.5171 (-12.68%)
$HIVE has encountered significant bearish pressure, breaking below the key EMAs and reaching a daily low of $0.5117.
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Key Levels to Watch:
Immediate Resistance Levels:
$0.5270 (EMA-7)
$0.5500 (EMA-25)
$0.5459 (EMA-99)
Critical Support Level:
$0.5050 (Potential New Low)
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Technical Insights:
1. Downtrend Continuation: The price remains below all major EMAs, signaling sustained bearish momentum.
2. Volume Surge: $HIVE saw increased selling volume, confirming the sharp drop in market confidence.
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Trading Strategy:
Bearish Bias: If the price fails to reclaim $0.5270, further downside is expected:
TP1: $0.5100
TP2: $0.5050
Stop-Loss: Above $0.5300
Recovery Scenario: Reclaiming $0.5500 with strong buying could pave the way for a relief rally toward $0.5700.
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Market Outlook: Wait for stabilization before entering trades. Monitor volume for signs of recovery or continuation.