HIVE Surges +75% in a Single Day Amid the Start of Hive.io Power Up Month

September 04, 2021, 6:00 PM AEST (updated September 06, 2021)

Hive.io HIVE is trading in an uptrend, like many other Altcoins. The cryptocurrency HIVE just went up +75% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +113% in a week.

What is Hive.io?

Hive.io 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 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 154th cryptocurrency globally and the current price is A$1.31. Let’s take a look at the chart below for price analysis:

Source: TradingView

After looking at the above 1-Week candle chart, we can clearly see that HIVE was trading inside the rising wedge pattern on the HIVE/USDT pair. The first resistance was on the A$0.79 price level, which HIVE broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$1.35. 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.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”

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 massive price corrections. Another reason for this sudden pump in price could be whales secretly buying HIVE for the next Altcoins rally. Recent news was also announced regarding The Start of Hive Power Up Month.

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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