HIVE at a crucial resistance level!

Hello and welcome to episode 07 of TA (Technical Analysis) Today we are diving into the Hive Token!

Looking at the price action of the last few months, it seems that after finally finding a bottom and with such good consistent buying, Hive is holding quite well at these levels but if we look at the data of the last 3 years on the weekly time frame, it seems that this is a crucial resistance level which has been standing as an important hurdle for a long time.

Look at the chart above, this is the price action from 2022 till now. Here the blue sloping trendline starts on the left side where the price declined after the massive upmove of the last bull run and then started as support and since then this trendline has been acting as a major resistance. You can see many times the price tried to break this resistance but failed and at the end of the day/week pressure was again seen with falling price.

Although now everyone feels that we are very close to another bull run, so a new all-time high can be seen in it anytime soon, which is also correct in terms of optimism, but on the basis of technicals, it is also important to know that there are some such resistances in the journey to the new all-time high, so this journey may not be as smooth as the last time. But if you have patience, stick to your positions with faith in the fundamentals because if not today, the bull run will definitely come tomorrow.

And keep an eye on this sloping trendline for now as Hive will need to sustain above this level first.

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