Is the Hive (HIVE) token starting to see a bullish trend again?

The long-term bearish trend in the cryptocurrency market seems to be slowly starting to subside. Many traders and investors have been waiting for a good change in the market for quite some time. Recently, the prices of some cryptocurrencies have started to increase, and some positive sentiment is being seen in the market again. Among them, Hive (HIVE) token has also attracted the attention of many.

Looking at the price movement of the last few days, it seems that Hive is gradually heading towards a recovery phase. Especially on the 5-minute chart of Binance, the token has seen some important changes.

Recently, the price of HIVE has fallen several times between around $0.0437 and $0.0439 and then turned around. This means that there are some buyers active around this price. Later, as trading volume increased, the price rose to around $0.0447. Currently, the price is around $0.0441.

The position of the MA60 on the chart is also worth noting. This moving average is around $0.0440 and HIVE’s candles are trying to stay above this level. If the price can hold well above this level, then this could be a positive signal in the short term.

Another thing is that if the price drops slightly, buyers are showing interest again. As a result, a tendency to buy deep is also being observed. However, it would not be right to make any decisions just by looking at a short-term chart.

According to current market data, HIVE’s market cap is around $24.08 million and the trading volume in the last 24 hours was around $1.07 million. Since the market cap is relatively small, if new money flows increase, the price of HIVE may change rapidly.

HIVE’s circulating supply is around 550.14 million and the total supply is around 1.118 billion. This issue may also become important in the long term if the use and ecosystem of HIVE can increase further in the future.

Technically, the $0.0445 level can now be seen as an important resistance. If HIVE can break this level and stay well above it, then there is a possibility of a move from $0.0460 to $0.0480 in the future. On the other hand, a drop below $0.0435 may weaken the current bullish situation.

However, the cryptocurrency market is very risky and volatile. Therefore, you should not make investment or trading decisions based solely on this analysis. You must pay attention to your own research and risk management.