This article will analyze the HIVE coin according to www.coinmarketcap.com data. First, we will discuss the HIVE coin and its projects and make technical and graphic analyses. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is HIVE Coin?
Hive is a blockchain-based platform created as a fork of the original Steem blockchain in 2020. Hive Coin (HIVE) is the native cryptocurrency of the Hive network and serves as a unit of account for transactions and a means of incentivizing participation in the platform.
What are the projects of HIVE?
Projects and Applications of Hive Coin:
Social Media and Blogging: Hive offers a decentralized social media platform where users can create and share content, similar to platforms like Steemit. Users can earn HIVE coins by creating and curating content, which helps incentivize participation and engagement on the forum.
Decentralized Applications (dApps): Hive supports developing and deploying various decentralized applications, ranging from gaming to finance and more. These dApps utilize the Hive blockchain’s features to enable secure and transparent interactions without intermediaries.
Factors Influencing HIVE Price
Factors Influencing HIVE Coin Price:
Market Demand and Adoption: The overall demand for HIVE coins in the cryptocurrency market plays a significant role in determining their price. Factors such as increased adoption of Hive-based dApps, partnerships, and integrations with other platforms can drive up demand and potentially impact the price.
Market Sentiment: Like any other cryptocurrency, the price of HIVE coin can be influenced by market sentiment and investor behavior. Joyous news, developments, or sentiment about Hive and its projects may attract more buyers and drive the price up, while negative news or sentiment can have the opposite effect.
Overall Cryptocurrency Market: The broader cryptocurrency market trends and fluctuations can also impact the price of HIVE coins. Factors like Bitcoin’s price movements, regulatory developments, market volatility, and general market sentiment towards cryptocurrencies can indirectly influence the cost of the HIVE coin.
Development and Updates: The progress of Hive’s development, updates to its protocol, and the successful implementation of new features can impact the price of the HIVE coin. Significant technical advancements or improvements to the platform can attract more attention and increase demand for HIVE coins.
Please note that the cryptocurrency market is highly volatile, and the factors influencing the price of any cryptocurrency can change over time. It’s always recommended to conduct thorough research and consult with financial professionals before making any investment decisions.
HIVE COİN TECHNICAL ANALYSIS
After seeing its historical high of $ 3.41 in November 2021, HIVE fell by 92% to $ 0.2567. HIVE, which rose to $0.6381 weekly in January 2023, is currently trading at $0.3913. According to www.coinmarketcap.com data, HIVE, which has a size of $186,507,354, has had a volume of $2,859,417in the last twenty-four hours.
HIVE Chart Analysis
After seeing its historical high of $3.41 in November 2021, it fell 92% to $0.2567 by the beginning of 2023. HIVE, which rose to 0.6381 with the purchases in the market in January 2023, is currently trading at $ 0.3913. Examining its weekly chart, we see that HIVE continues its downward trend. The support point of HIVE, which needs to make weekly closes on the falling trend for the uptrend, is $0.3716 this week, while the weekly resistance is $0.4500, which is the falling trend line (red line).
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.