$HIVE Price and Market Performance:
The live price of Hive today is $0.323 USD with a 24-hour trading volume of $75,690,427.51 USD. Hive has seen a 3.49% increase in the last 24 hours. Its market cap stands at $161,759,305 USD, with a circulating supply of 500,749,243 HIVE coins.
Technical Indicators and Patterns:
Breakout from Symmetrical Triangle: Hive has experienced a breakout from a multi-year symmetrical triangle pattern on the weekly timeframe, trading at $0.4456. This breakout positions Hive well above the 50-week EMA, suggesting dynamic support around $0.28, indicating a strong bullish move.
Falling Wedge Pattern:
On a 3-day chart, Hive shows a falling wedge pattern, which typically signals a potential bullish reversal. The target price from this pattern is around $0.4788. Traders are advised to monitor price action and volume for trading opportunities.
Support and Resistance Levels:
Support levels have been noted at $0.3457, with potential drops to $0.3377, $0.2728, and $0.1789 if it falls below this threshold.
Resistance levels to watch include $0.4316, $0.4965, and $0.5904 if the price stays above the mentioned support.
Volume and Price Action:
There's been an increase in volume which suggests a possible breakout from a falling trend, with expectations for the price to retest a zone before moving up again, potentially towards $0.46, $0.51, and $0.56.
Technical Analysis Summary:
Hive's recent breakout from key patterns, combined with its position above significant moving averages, points towards a bullish trend. However, traders should remain vigilant about volume changes, support and resistance levels, and overall market conditions, especially given the volatility in cryptocurrency markets.
Remember, while technical analysis can provide insights, it's one part of a broader investment strategy, and decisions should not be made based solely on technical indicators.
Not Financial Advice DYOR