Hive Analysis with Bollinger Band

Recent weeks have not been completed at the desired level for bitcoin and cryptocurrencies. While it was thought that the price would increase further after the halving, we experienced a decline in the price of bitcoin. Last week was the week when the FED made statements about interest rates. For this reason, there was a sharp decline in the price of bitcoin. There was a decline in price up to 56 thousand dollars. Fortunately, when the announced decision was in favor of bitcoin, there was an upward change in the price.

Decreasing ETF investments also caused the price of bitcoin to decline. Outflows in ETFs naturally reduced the price.

(Tradingview Hive/USDT 1 D chart)

Normally, when there was a decrease in the price of bitcoin, there would be a further decrease in hive and other altcoins. There was a decline in Hive close to bitcoin. There was a pullback in Hive price to $0.294. Hive price is currently $0.319.

Hive price is located between the lower band and the middle band on the Bollinger band. This is not a very safe area. This is the area where the price will go down at any moment, but the price is very close to the middle line. In other words, if there is an increase in the price of bitcoin, this will also be reflected in the price of hive. Thus, the price is placed between the middle band and the upper line. Here it relaxes and the price direction becomes upward.

If the Hive price can rise above the mid-range, it can then increase by around 10% in the short term. There is a narrowing in the Bollinger band. For this reason, sharp price changes may not occur in the short term.