Hive Price Analysis: HIVE Price Rejecting From $1 Resistance, Does It Indicate Another Bearish Reversal?

* Key technical points:*

 *The HIVE coin showed a Cup and Handle pattern in the daily time frame chart*
 *The 50-da EMA provide strong support to the coin price*
 *The intraday trading volume in the HIVE coin is $675.8 Million, indicating a 314% hike*

Today, the coin price showed a sudden surge in its price, making a high of 47% from the day’s low. However, most of this rally is already rejected, and now the chart shows a long wick rejection candle.

The crucial EMAs(20, 50, 100, and 200) suggest the HIVE coin is under a strong uptrend. Moreover, the price is obtaining strong support from the 50 EMA line. The Relative Strength Index value at 73 indicates a bullish sentiment for this coin.

HIVE/USD Chart In The 4-hour Time Frame

The current price of the HIVE coin is $1.04, with an intraday gain of 17.2%. Thus, at the press time, the token price is still trying to sustain above the $1 mark, and therefore, the crypto traders are suggested to wait for the closing of today’s daily candle before entering with a new position.

The MACD indicator lines are moving above the neutral zone, indicating a bullish momentum for this token.