Is HIVE buy opportunity after the current dip?

HIVE /USD has collapsed from $0.99 to $0.35 since May 05, 2022, and the current price stands at $0.49.

According to technical analysis, the risk of further decline is still not over, but the current price could be a good entry point for long-term investors.

Hive is a constantly evolving

Hive is a forward-looking decentralized blockchain designed to scale with the widespread adoption of the currency that has a thriving ecosystem of over a hundred apps, communities & projects.

Hive is built on the Delegated Proof of Stake (DPoS) protocol, and it is the first highly-scalable blockchain independent of central authority that addresses the problems of mass adoption.

Transactions on Hive take less than three seconds, and by combining the fast processing times and fee-less transactions, Hive is positioned to become one of the leading Web3 blockchains.

Thousands of people across numerous dApps are using Hive every day, and the popularity of this project continues to grow.

Hive has a high level of security with open-source wallets available for Linux, iOS, Windows, macOS, Android & Web. Wallets are very important to securely store your cryptocurrencies and interact with Web3 apps. Because of this, Hive is home to some of the most-used Web3 apps in the world, such as Splinterlands, PeakD, and HiveBlog.

The team behind this project consists of experienced developers and blockchain experts who are continuously working on new features and upgrades. The team of Hive said:

Hive is a constantly evolving and innovative ecosystem that aims to fuel the mass adoption of blockchain technology and cryptocurrencies. It makes available and possible opportunities to both its userbase and to the general public.

HIVE is the utility token of this decentralized blockchain with a circulating supply of 360 million HIVE coins, but it is important to say that the total supply is not limited.

HIVE is currently down more than 70% from the highest price level in 2022; still, Hive is a very promising project, and the price of HIVE could advance again to the levels that we saw in January 2022.

Technical analysis

The cryptocurrency market continues to be under pressure, Bitcoin is trading again below $30000, and if you decide to trade this cryptocurrency in the upcoming days, you should consider that HIVE can weaken even more.

Data source: tradingview.com

The strong support level stands at $0.30; $0.80 and $1 represent the important resistance levels. If the price falls below $0.30, it would be a firm “sell” signal, and we have the open way to $0.20 or even below.

On the other side, if the price jumps above the $0.80 resistance, the next price target could be around $1.

Summary

Hive is a forward-looking decentralized blockchain that allows the easy storage and retrieval of immutable strings of data and information. Hive is constantly evolving, and the price of HIVE could advance again to the levels that we saw in January 2022.

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