HIVE Stakeholders like myself have often lamented the fact that HIVE seems have been left behind lately while much of the rest of the Crypto market has caught a bit of a rally over the last year or so. To make matters worse, HIVE has been getting sold off on the dips and today HIVE has made a new low as the support at 30 cents seems to have given way.
Source
I could try and come up with a narrative for this and start bitching and moaning about the action (or inaction) of others in the ecosystem, but I think that’s probably pretty pointless. I still think there are some fundamentally good things happening here but I know enough about the Crypto markets to realise that doesn’t matter much and it’s sentiment that counts more. Technical Analysis is a more useful tool in times like these.
So with the 30 cent support giving way, where is the new bottom going to be for HIVE and will we see a fresh capitulation of the HIVE price? Will we get back to the 11-14 cent range where we sat for much of 2020 or can we find a new support level somewhere in the low 20s? If so, where will that be?
It’s extremely poor timing for me as a Stakeholder who has been holding for many years now. I recently started a Powerdown to balance my End of Financial Year and pay for Bills, so this is literally the WORST time for me to be selling HIVE but my hand is forced. Of course I hope to see a bounce but unless we see a broader rally in Crypto then I suspect that HIVE is going lower.
The problem is that $HIVE is disproportionately lower compared to other cryptos. I hope it's a temporary thing and HIVE recovers quickly.
What does not line up well is that we are still in macro bullish trend, yet the price action is bearish especially for HIVE.
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No matter what someone tells me I still stand behind calling a blockchain a business. If people are not use and building applications and using up resources on your blockchain then it's going to be replaced by one if not many of the 10,000 other options. Hive needs to invest in development and revenue streams since it has a feeless system. It also needs to get away from forking out hundreds of thousands of dollars every month for things that are not producing any meaningful result.
But with how centralized things have become it's not going to change and they are legit going to just squeeze every penny out of it until it dies at this point is my opinion.
Yes, as long as the DHF is throwing away money on projects that have nothing to show for it, beyond instantly selling the money given, I don't see how the price can recover. Too much downwards pressure. Then whenever we get new people joining, people who might buy Hive, Hive watchers chases them away. Hell of a thing we have going on here right now.
Is there some accountability on the DHF projects? In principle its a great concept but if its just being used to syphon off funds then HIVE is only heading in one direction....
With the negative sentiment lately with Hive, it is indicative of a bottom or close to it (a bullish sign actually). I wonder if you could get a loan from @neoxian?
He would want to hold the keys to my account as collateral for any loan and I'm not doing that.
I get that.
I agree with you. I see a lot of people complaining about Hive or certain pieces and actors on the platform, but I still see a lot of positive things here. I just think it needs to catch up with the market. I don't know...
I honestly don’t know where Hive is going. It doesn’t follow any trends of the rest of crypto. It has started creeping back up. It’s not main stream crypto, there’s not enough people that know about it still. Sorry that it’s bad timing. That seems to me how it happens for me as well….
Looks like I picked a good time to come back😀
The Hive emission rate puts out a LOT of HIVE every day. Tightening this monetary policy would lend toward scarcity. Numbers below...
http://hivewiki.crrdlx.infinityfreeapp.com/doku.php?id=wiki:inflation-and-emissions
Might be a good time look at my coinspot account and see if I have any other coins just sitting there. swap them to hive.
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Not surprised we printing heavy out here we need to get more folks onboard!BBH
Today it's even worse, 0.2541, and I'm thinking 0.22 comes next. The timing really sucks for you and other big stakeholders. Someone has been selling huge amounts on those dips, it really, really stinks!
Prior to the fork my account was at daulphin range. Moved my HIVE/STEEM TO ETH. ETH has gone 10x since then. It was not financial wizardtry on my part but the disgust for the fork shit show.
Hive dropped because I came back. It will go up again when I focus on something else ;)
I’m also on a power down and it’s really sad but I’m in a tight corner and got to pay my bills. It’s really sad to power down some Hive when the price isn’t smiling
I hope it pumps for a while
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