The HIVE token has shown solid upward momentum in the first part of August, climbing from early-month lows near $0.2040 to recent highs above $0.2300. However, in the last few sessions, we’ve seen a pullback, with the current price hovering around $0.2211.
Trend Overview
- Short-term trend: Mildly bearish in the past few hours as price retraces from its peak, forming lower highs.
- Medium-term trend: Still bullish overall, given the strong rally from August 3rd to August 9th.
- Volatility: Moderate, with steady volume spikes accompanying both upward and downward moves.
Key Support and Resistance Levels
- Immediate support: $0.2200 – Psychological and technical level; a break below could increase bearish pressure.
- Secondary support: $0.2150 – August 9th pullback low.
- Immediate resistance: $0.2240 – Minor level where the latest rally stalled.
- Major resistance: $0.2300 – Recent top and key breakout zone.
Volume & Market Sentiment
The volume profile indicates consistent trading interest, with higher activity during upswings. The recent red candles show increasing selling pressure, but the volume is not yet at panic-sell levels, suggesting this may be a healthy correction rather than a full reversal.
Possible Scenarios
- Bullish case: Holding above $0.2200 could lead to renewed buying momentum, targeting $0.2240 and potentially retesting the $0.2300 high.
- Bearish case: A decisive drop below $0.2200 could trigger a deeper correction toward $0.2150 or even $0.2120.
Conclusion
HIVE remains in a generally bullish medium-term structure, but the short-term weakness signals caution for aggressive buyers. Watching the $0.2200 support will be critical for determining whether this is just a breather before another push higher, or the start of a deeper pullback.