The Unseen Forces Behind Hive's Price Struggles

Couple of weeks ago hive was flipped by steem in price and now hive is taking the control back, hopefully this time It will continue going higher.

though I've noticed that it's been quite a long time since I've seen anyone talking about this topic "price of hive". I've observed couple of things that's pushing down the price from a long time.

It's not just the sell pressure from hivers but there used to be those Korean pumps that are missing.

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The curious case of Steem flipping hive in price

The fact that no one actually used steem other than scammers and still that token maintaining it's price tells a lot about the market priorities itself.

Hive in terms of price has been showing weakness since long time now and even steem flipped it in price which was more like a black day.

It didn't lasted for long as we know steem is only having those "scam pump and dump" by the Koreans.

Those scam pumps were happening more often on steem while hive price was being suppressed by the constant sell pressure.

Anyways, the flipping didn't worked as it went back to where it belongs and that would be a black day if we see steem higher than hive.

Koreans migrated from hive?

My theory is since the HBD stabilizer arrived those Korean went missing all because of they can't pump HBD to more than a dollar and than they used to buy hive and pump it before dumping it back to HBD.

Basically those Koreans were milking hive liquidity but thanks to HBD stabilizer these Koreans can't do that anymore.

Now they're doing the same thing with steem, everytime you see it in top gainers - one thing will be common that pump doesn't last for long and it retrace back to even more down.

Hive price suppressed by market makers or constant sell pressure?

We can all agree that there's a lot of sell pressure from hivers on the daily basis while less demand in the market but it can't be it.

There's always something going on behind the charts on order book.

And wouldn't be surprised if this was all planned like keeping hive price down so they can move steem higher.

Binance is actually known for doing stuff like this and it is possible but still

It's just my assumption, maybe I'm wrong and it's just simply the sell pressure from hivers that is pushing price down and down.

Hive major support - this trend line needs to defend itself

Now hive is recovering from it's major support that goes all the way back in 2021 and it's also close from 2022 lows.

Again we saw a good buy pressure today but again those sell order came out of nowhere and suppressing price.

The only thing that matters is defending that 2021 support and we're actually going to be okay.

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Wrapping Up....

In the end the fact that hive is holding price like this without those Koreans is impressive when all this sell pressure is constantly hitting in the market.

I see most of hivers are trying to buy using HBD and I'm also doing the same thing.

Curious to know what do you think about it and how you're planning to spend HBD. Feel free to share your thoughts about what's keeping hive price low for this long, tell in the comments.

fin.

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All the content and images are mine except indicated. No copyright infringement intended. 22/06/2024.

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