HIVE Technical Analysis: Reversal Within Wedge Hints A Drop To $0.314

HIVE prices action tease another bear cycle initiating from the dynamic resistance trendline, threatening a downfall below the $0.314 mark. Key technical points: The market price doubled within a fortnight The trades face intense supply pressure at the resistance trendline The 24-hour trading volume of HIVE is $412.3 Million, indicating a rise of 4.5%. Past Performance of HIVE The last bear cycle within the falling wedge pattern plunged the HIVE/USDT pair from a $1.123 high to a low of $0.314, registering a 75% loss. However, amid improving sentiment in the crypto market, the altcoin rebounded from the bottom support and surged 105% higher as it hit the overhead resistance. Source- Tradingview HIVE Technical Analysis A long-wick rejection attached to today’s daily candle reflects a failed attempt from HIVE buyers to breach the descending resistance trendline. A possible reversal from this trendline indicates the coin price would continue to resonate within the pattern. The RSI indicator shows a sudden breakthrough from the neutral line(50%), validating a genuine bullish recovery. The 100-day EMAs aligned with the downsloping trendline strengthen the defense power of sellers. On the other hand, the recent recovery reclaimed the 20-and-50 EMA, which may stall the expected reversal. The MACD indicator shows a significant gap between the fast and slow lines that project aggressive market buying. However, overhead supply pressure m...