Hive Blockchain Technologies, Ltd (NASDAQ: HIVE) fell below a key trend line on Tuesday night after recovering from the zone as markets opened.
The drop came amid the slump in cryptocurrencies and general markets after Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee and warned that the emergence of the OMICRON COVID-19 variant is likely to hinder the U. S. economic recovery. USA
Following Powell’s comments, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) fell more than 3% from their query highs while the SPDR S
After wasting the trend line, as an Array Hive Blockchain temporarily held above a key point at $3. 76, however, at midday it fell below the zone, confirming that inventory is trading in a downtrend.
The Hive Blockchain Chart: The downward trend began on November nine when Hive Blockchain peaked at $5. 60, just 15 cents from the stock’s all-time high. Since then, Hive Blockchain has achieved a steady series of ups and downs and on Tuesday published the recent lows and lows.
In its downtrend, Hive Blockchain shaped a bearish channel on the daily chart and on Tuesday rejected the channel’s upper downtrend line as resistance. Operators will need to see if Hive Blockchain closes the trade query within the channel. An imaginable break of the channel. up or down in the upper volume will imply whether the trend has been recognized.
It is very likely that the key trend line, which has supported Hive Blockchain since September 29, will now act as some other resistance point if inventory cannot recover it quickly. The trend line can also serve as the most sensitive for the next height of decline when Hive Blockchain even though everything bounces off the daily chart.
Hive Blockchain is trading below the eight- and 21-day exponential moving averages (EMAs), with the EMA trending eight days below 21 days, either of which are bearish indicators. average (SMA) and Tuesday served as for Hive Blockchain.