How Hive’s (HIVE) Price Support at $0.084 Could be Lost Soon
- Hive (HIVE) is a hardfork of the Steem (STEEM) blockchain.
- Launched on the 20th of March, the HIVE coin continues to be affected by an unstable crypto market led by Bitcoin.
- If the market environment does not improve, HIVE might lose its strongest support of $0.084.
One of the daily routines of a crypto trader is to scan Coinmarketcap or their Watchlist on Tradingview to determine the coins and tokens exhibiting gains in the crypto markets. When we do a quick scan, we find that Hive (HIVE)is currently up 10% in the last 24 hours and trading at $0.1039.
Current Crypto Market Instability Might Cause HIVE to Lose its $0.084 Support Zone
Further looking at the price action of Bitcoin, we realize that the King of Crypto has lost the $7,000 support area and is battling to take control of $6,900 as its new support. With the Bitcoin halving only a month away, doubts linger as to whether BTC will live up to expectations and erase all losses from last month’s Coronavirus crash. In a twist of events and to add uncertainty about the future, John McAfee recently referred to Bitcoin as being worthless.
Additionally, BTC looks set to take down the entire crypto markets including HIVE. The latter experienced a new low of $0.084 on the 6th of April and this level has acted as adequate support for the past week. However, if the price of Bitcoin keeps falling in the coming days and weeks, the valuable HIVE support at $0.084 will be lost. The new coin will be in uncharted territory as it has only traded for close to 3 weeks in the crypto markets.
Where to Trade HIVE
The cryptocurrency of HIVE is currently available for trading on the following exchanges.
More on HIVE
Launched on the 20th of March after a successful hardfork from the Steem blockchain, HIVE’s vision is for a community-centric decentralized blockchain where individuals can experience true ownership of content and funds. This is after the STEEM project was acquired by Tron’s founder and CEO, Justin Sun. Community members who disagreed with the new leadership decided to simply break away and continue with the vision of original vision of STEEM under the umbrella of HIVE.
With over 30 community members, 80 contributors and an ever-growing community, HIVE will provide a truly decentralized ecosystem for all members.
(Feature image courtesy of Ivan Vranić on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
Founder of TRON (TRX)
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
John P. Njui Author
Crypto Enthusiast. Terrible dancer. Former DJ. Amateur Marathoner. Electrical Engineer. Kool kat.