The HIVE Token Price Faces Bearish Pressure, Witnessed 30% Fall

• The Hive crypto price experienced strong selling from the $0.4939 supply level.
• The all-time high price of the HIVE token is $3.42.
• Market technical indicators suggested neutrality over the current price.

Launched in March 2020, Hive (HIVE) focuses on becoming a gateway from Web 2.0 to Web 3.0. As a hard fork of the centralized Steem blockchain, it offers lightning-fast processing times and fee-less transactions. The offers include social media with monetized rewards for content creators, interactive blockchain games, identity management, micro-loans, and more.

HIVE Crypto’s Six-Month Returns are Not Much Appealing!

In January 2023, the Hive crypto price started a bullish journey from the $0.2547 demand level. The price reflected 50.89% growth in the first month, which intrigued many buyers. The token price surged over 60% to $0.6278 resistance in February 2023.

However, the price faced massive selling from that level, which resulted in the price decline for the four consecutive months till July 2023. Subsequently, the price made a noticeable change from September 2023. It surged over 45% for four months.

The negative outcome of 16.87% from the $0.3849 resistance has been observed in January 2024. That becomes the bullish correction period for the HIVE token price. The price has shown bullish strength in the last two monthly sessions from $0.2936.

Valuation and Supply of the HIVE Tokens

The fully diluted valuation of the Hive tokens is assumed to be $194 million, although the maximum supply of tokens is still unlimited. It can make the cryptocurrency deflationary in the future. Hive has released the total tokens created in circulation.

Currently, 500 million HIVE tokens are circulating in the crypto market, which holds a market capitalization of $195 million. The 24-hour trading volume has declined by 41.71%, currently at $4.88 million. In addition, the volume-to-market capitalization ratio (VMR) is at 2.49%, which is decent for a cryptocurrency to trade in exchanges.

Technical Analysis of the HIVE Token Price

The price is moving above the 50-day and the 200-day exponential moving averages. Earlier, both the EMAs had multiple crossovers, which basically reflected uncertainty in the direction.

Hive crypto price experienced heavy selling from the $0.4939 supply level. During the fall, the price lost 30% of its value to the $0.3387 bullish point of interest POI. However, the price has gotten a positive reaction from the $0.3387 POI.

Regarding the technicals, the price can give a breakout of the $0.4939 resistance if it closes above the $0.4078 short-term high. On the flip side, a bearish rally can be expected if the price slips below $0.3217.

The relative strength index (RSI) reflected a bearish divergence in the price momentum. RSI is indicating intense selling pressure from the 70-mark upper band. Currently, the RSI is sloping at 49.05 below the signal line.

Summary

Overall,  the HIVE token price has been performing with uncertainty at the current phase. The technical indicators summary suggested neutrality over the current price. As far as the technicals are concerned, the Hive crypto price can give a breakout of the $0.4939 resistance if it closes above the $0.4078 short-term high. On the flip side, a bearish rally can be expected if the HIVE price slips below $0.3217.

Technicals Levels

• Resistance Levels:  $0.4078 and $0.4939
• Support Levels: $0.3217 and $0.2678

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.