Friends, how is everyone doing? I hope everyone is surviving in this volatile market. The state of the cryptocurrency market can be quite confusing to look at the charts at times. Today, I spent quite some time looking at these two tokens - $HIVE and $SPS. Those of you who are in this ecosystem know how closely these two coins are related to each other. Today, I am sharing with you my personal analysis of the current situation.
Let's talk about $SPS first. If you look at the screenshots, you will see that SPS is actually taking a 'test of patience' right now. It has now come very close to the ground after falling from that high of 0.0340. It is currently hovering around 0.0059. I looked at the 12-hour chart for a long time; the moving averages (MA) there have almost come to a standstill. In trading terms, it is now in a complete consolidation phase.
However, one positive thing is that the strong support of 0.004 has not been broken yet. I think that market makers are slowly arranging positions here. If there is any big news, this coin has the ability to go back to 0.01 or above. However, I think it would be wise to hold without expecting any big movement at the moment.
Now let's talk about $HIVE. Looking at the Hive chart and today's Fund Flow analysis, I got a little worried. Look, the screenshot clearly shows that big investors or 'Whales' are getting out of their positions in the last 24 hours. But the net inflow of 'Big Order' is above minus 5 lakh (-508K). This is not a good sign.
When big players start selling, it becomes difficult for ordinary retail traders to survive. The 1-minute short chart also shows that the price is under a lot of pressure, trying to find support around 0.088, but it is repeatedly pushing down. Since Hive is quite an old and strong project, this selling pressure may be temporary. However, I would like to wait at least a few more days before taking a new entry.
From this observation throughout the day, what I feel is that these two tokens are now under the control of the makers. There may be a long-term accumulation going on in $SPS, and there is a large-handed profit taking in $HIVE. I personally am not taking any big risks in this red zone right now. Rather, I am sitting on the sidelines and watching the market. If Bitcoin makes a little positive move, these two coins will recover quickly. But if BTC drops, Hive may go down a little more.
Trading means a game of risk and patience, brother. I shared today's situation with you in my own way. Those of you who are currently trading or thinking about entering must work with your risk management in mind. At the end of the day, it's your hard-earned money, so it's better not to make any decisions in a hurry. What do you think? Will Hive and SPS make a comeback? Let me know!
Everyone, trade carefully, and be well.
Posted Using INLEO