- 1 The stock showcased a double bottom formation near $3 and is holding gains.
- 2 Buyers are looking to retest the 20-day EMA and are anticipating a bounce.
The HIVE stock (NASDAQ: HIVE) has stopped correction near $3 and made a double bottom pattern, which signals a short-term reversal in the following sessions. Investors are awaiting a confirmation that strikes if the stock escapes above $3.25, which leads to a bounce toward $3.60. Furthermore, the price action showcased a reversal pattern and bulls anticipate a pullback.
The stock has slipped to the bearish region below its key moving averages, replicating a downtrend on the charts. Moreover, the stock has witnessed a volatile move, and roller coaster moves were seen in the past sessions. Recently, a bounceback was noted from the low of $2 to the high of $5.50. However, sharp profit booking spoiled the investors’ dreams and reverted their portfolio from green to red.
At Wednesday’s close, the HIVE stock was at $3.11, with an intraday gain of 1.30%, showing neutrality in the last session. The trading volume is 1.57 Million and the market cap is $272.53 Million. Analysts are neutral and suggest a hold rating with a yearly target price of $6.17. The technicals are delivering a sell outlook and have a negative return ratio. The monthly return was (-26.30%) and (14.33%) on a yearly basis, reflecting underperformance for the past weeks.
HIVE on Daily Charts Displays Downtrend
On the daily charts, the stock has witnessed a sharp rejection near the 50% Fibonacci retracement level of $5.50 and lost over 40% of gains in the last sessions. However, a rounding bottom formation was witnessed, but a fakeout led to bulls being trapped, and sellers took advantage of it.
The Relative Strength Index (RSI) curve stays in the oversold region and delivers a neutral view. The MACD indicator shows a bearish crossover and will likely initiate a bullish crossover in the following sessions.
HIVE on Weekly Charts Reflects a Rejection from the 100-Day EMA
On the weekly charts, the stock price retested the 100-day EMA mark, witnessed a sharp rejection, and switched to the lows. Moreover, the weak trend favors the bears, indicating the downside risk to $2.70 in the coming sessions. If bulls hold the $3 mark, a short covering move will trigger. That may reflect a healthy comeback soon.
The HIVE stock (NASDAQ: HIVE) price hovers near the demand zone of $3 and is revealing bearishness on the charts. Moreover, the stock is awaiting a pullback to the 20-day EMA mark and is exhibiting a double-bottom formation near the lows of $3. Additionally, the RSI curve marked 30 signals an oversold status, hinting that a pullback may arise soon.
Support Levels: $2.70 and $2.50
Resistance Levels:3.40 and $3.60
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Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.