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Hive (HIVE) price analysis after it reached a record high today

HIVE/USD has skyrocketed from $0.59 to $1.50 since the beginning of October 2021, and the current price stands at $1.06. There are already many projects on Hive blockchain and it has recently announced a collaboration with Telos.

Thousands of people are using Hive

Hive is a decentralized blockchain designed to scale with widespread adoption of the currency and platforms that was conceived through a hard fork of the original Steem blockchain.

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. Hive is built by a team of experienced developers, and it has united forces of an incredibly vibrant community.

Wallets are very important to interact with Web3 apps, and Hive has open-source wallets available for Linux, iOS, Windows, macOS, Android & Web. There are already many projects on Hive blockchain, and according to its official website, more than 120 projects have been built by the Hive community.

Thousands of people across numerous dApps are using Hive on a daily basis, and the number continues to grow. Hive recently announced a collaboration with Telos because there is many synergies between their communities and goals. The team of Hive reported:

Both Hive and Telos are focused on innovating on top of DPoS technologies and embracing new challenges. There is much opportunity for both of our decentralized communities to learn from and support one another as we pioneer Web 3.0.

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

HIVE has exploded since the beginning of October 2021, and if you decide to buy this cryptocurrency at the current price, you should use a “stop-loss” order because the risk remains high. The daily volume of HIVE remains high, but the current price move has a less fundamental background.

HIVE has reached a new all-time high

HIVE has been one of the best performers on the cryptocurrency market since the beginning of October 2021, and the price of this cryptocurrency has reached a new all-time high of $1.50 this Wednesday.

Data source: tradingview.com

HIVE has extended its correction from the record highs, but if the price jumps again above $1.20 resistance, it would be a signal to buy HIVE. The next price target could be around $1.40 or even above; still, if the price falls below $0.80 support, it would be a strong “sell” signal.

Summary

Since the beginning of October, Hive (HIVE) has been one of the best performers on the cryptocurrency market, but it has weakened from its record highs. HIVE is currently trading around $1.06, and if the price falls below $0.8 support, it would be a strong “sell” signal.

The post Hive (HIVE) price analysis after it reached a record high today appeared first on Invezz.

Source: INVEZZ

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