Hive Analysis with Bollinger Band

Cryptocurrencies started the week with a decline. We can see the downward decline in prices after the weekly close as a negative data for the market. Most of the time, it continues the same way throughout the week as it did at the beginning of the week. Currently, the price of bitcoin is $62,150. We are almost 20% behind March prices. We did not see an upward increase in prices after the Bitcoin block reward halving. This shows that the halving was priced in well in advance.

On-chain data shows a decrease in whale activity. This may cause prices to stabilize or drop slightly. For a strong and healthy bull period, consolidation must last a little longer.

(Tradingview Hive /USDT 1D chart)

The decline in Bitcoin price also directly affects the price of hive. Currently, hive price is $0.316. In fact, the decrease in the price of hive was not as much as in bitcoin.

Hive price is located between the lower band and the middle band on the Bollinger band. He was in this area last week. The price pushed to break through the middle band, but that area acted as resistance and the price retreated downwards.

The current region is not a very reliable region. There is a high probability that the price will fall to the lower band. Depending on the Bitcoin price, a 10% decrease in the hive price seems possible.