Technical Charts of HIVE Show Bullish Signs

As crypto ecosystem got some volume and positivity, both Bitcoin and altcoins started to gain more value since Bitcoin closed above 28K and started a bull leg. The positive atmosphere in crypto affects all coins, especially the fundamentally strong ones.

HIVE, as one of the best forms of SocialFi, received a 4% increase on Sunday. When we focus on the technical charts of HIVE, there are some important support and resistance levels to be highlighted.

Let's see the overview of HIVE on 4-hour, daily, and weekly charts with Moving Averages.

4-Hour Chart of HIVE

The chart looks pretty nice in 4 hours especially when we have a look at the order of moving averages and moves in the hourly timeframe.

There are some details that I really care about. First of all, the volume is going higher in time. This is a good sign for us as volume is crucial for coins to be recognized in crypto.

Also, please look at the order of moving averages, namely, 20, 50, 128, and 200.

This is a healthy formation of a chart because when MA200 is above the rest, it signals a bearish trend in TA. Also, Hive gets nice support from Blue (50-hour Average) every time it swings.

Daily Chart of HIVE

Remember: $.35 is a strong resistance for HIVE.

In the daily timeframe, it will be clearer to understand the bigger picture.

HIVE bounced back from the dip level that I had highlighted as Second Best Time to Be on Hive as we were getting Hive tokens at the local bottom.

Now, we can see that the support level we highlighted is still as strong as concrete!

In the daily chart, the things are not as bullish as 4-hour chart because it takes some time to form a bullish sign in daily chart and the market has not shown any strong signs of return yet.

There is one thing that we need to focus on the daily chart: HIVE is about to close above 200-Day average of $0.335 and this is a great sign for traders 🔥

Do you want me to get you hyped more?

Have a look at the trend breakout by HIVE:

If HIVE retraces back to $0.33 - $0.34 and crypto stays green, we may see a drastic increase in the price (up to $.4 in the short term, $0.47 monthly average in the longer period).

This is so great to see HIVE going up slowly but firmly.

Weekly Chart of HIVE

I care a lot about monthly and weekly closes. However, these charts cannot reflect a change in the paradigm as fast as 4 hours, and daily. Yet, they show fundamental levels to be careful about.

TL;DR The weekly chart is promising.

Let's start with RSI. You can see double bottom formation on RSI but the price of HIVE was making lower-lows meanwhile. This was a perfect bullish sign as there was a bullish divergence between them.

When we look at the weekly supports and resistances, the 20-week Moving Average support is around $0.322 whereas the 50-week Moving Average works as a strong resistance level at $0.356. It might not be very easy for HIVE to break it and target $0.58 which is MA100 but it is a matter of hype that can make everything possible.

So far HIVE got rejected from MA50 a couple of times but there was an obvious down trend in crypto. If the positive atmosphere continues in the crypto ecosystem, HIVE may target up to $.47, the 20-month moving average.

What do you see in the technical charts of HIVE?

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Hive On ✌🏼

Posted Using InLeo Alpha