HIVE Surges +145% in a Single Day amid HiveFest Annual Gathering for Hive Users and its Ecosystem

October 06, 2021, 9:25 PM AEST - 1 week ago

HIVE is trading in an uptrend, like many other Altcoins. The cryptocurrency HIVE just went up +145% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +180% in a week.

What is Hive?

Hive is a decentralised information-sharing network with an accompanying blockchain-based financial ledger built on the Delegated Proof of Stake (DPoS) protocol. Hive supports many different types of information-sharing applications. Myriad dapps, APIs, and front-ends contribute to general and straightforward accessibility of data, transactions, and records so that this existing diversity and utility ensure that the ecosystem is welcoming to content creators, consumers, investors, and builders.

HIVE Price Analysis

At the time of writing, HIVE is ranked the 130th cryptocurrency globally and the current price is A$1.55. Let’s take a look at the chart below for price analysis:

Source: TradingView

After looking at the above 1-Day candle chart, we can clearly see that HIVE was trading inside the head & shoulder pattern on the HIVE/USDT pair. The first resistance was on the A$1.05 price level, which HIVE broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$1.70. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, HIVE may continue to increase in the uptrend if traders keep buying with high volume.

“In technical analysis, a head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. It is one of several top patterns that signal, with varying degrees of accuracy, that an upward trend is nearing to start.”

What Do the Technical Indicators Say?

The HIVE TradingView indicators (on the 1 day) mainly indicate HIVE as a Strong Buy, except the Oscillators which indicate HIVE as a Buy.

So Why Did HIVE Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying HIVE for the coming Altcoins rally. Recent news was also announced regarding HiveFest the annual gathering for Hive users and its ecosystem. It is a reunion x conference x social event.

Where to Buy or Trade HIVE?

HIVE has the highest liquidity on Binance Exchange so that would help for trading HIVE/BTC or HIVE/USDT pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

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