HIVE Technical Analysis: Reversal Within Wedge Hints A Drop To $0.314

Key technical points:

Past Performance of HIVE

The last bear cycle within the falling wedge pattern plunged the HIVE/USDT pair from a $1.123 high to a low of $0.314, registering a 75% loss. However, amid improving sentiment in the crypto market, the altcoin rebounded from the bottom support and surged 105% higher as it hit the overhead resistance.

Source- Tradingview

HIVE Technical Analysis 

A long-wick rejection attached to today’s daily candle reflects a failed attempt from HIVE buyers to breach the descending resistance trendline. A possible reversal from this trendline indicates the coin price would continue to resonate within the pattern. The RSI indicator shows a sudden breakthrough from the neutral line(50%), validating a genuine bullish recovery.

The 100-day EMAs aligned with the downsloping trendline strengthen the defense power of sellers. On the other hand, the recent recovery reclaimed the 20-and-50 EMA, which may stall the expected reversal. The MACD indicator shows a significant gap between the fast and slow lines that project aggressive market buying. However, overhead supply pressure may prevent a crossover above the neutral zone, suggesting the seller poses an upper hand.

Upcoming Trend

If the selling pressure persists, the traders can expect another bear cycle within the wedge pattern driving the HIVE prices lower. However, as per the technical setup, the resulting downfall should revisit the bottom support trendline, lower than 0.314.

However, the holders should know the falling wedge pattern is a bullish reversal pattern and is expected to trigger a significant bull run upon its breakout from the dynamic resistance trendline.

Resistance Levels: $0.76 and $1

Support Levels: $0.6 and $0.44