Last week, there was a good increase especially in the price of bitcoin. With this increase, there was a significant increase in bitcoin dominance. When dominance increases, the increase in altcoins is very limited, and sometimes the altcoin price decreases. Some altcoins increased noticeably, Sol and Link.
The death of Iranian President Ibrahim Reisi in a helicopter crash caused the markets to be active. Since such accidents will cause chaos in the world, the markets are affected by this situation. Although it caused a decline on the bitcoin side at first, we later saw a recovery in the bitcoin price.
(Tradingview Hive /USDT 1D chart)
Since there was not much increase or decrease in the Hive price recently, there was a narrowing in the Bollinger band. This contraction still continues. Since the recent increases were very short-lived and the price returned to its previous level, the contraction remained the same. When the price increases, it must continue throughout the day or not return to its previous level.
Currently hive price is 0.311$. From the chart we can see that the price rose as high as $0.352 yesterday. With an increase of nearly 10%, the upper band has been exceeded. Currently, it is between the middle band and the lower band. This is not a very safe area. The lower band price is $0.291 while the middle band price is $0.317. The price is very close to the middle band, it is necessary to exceed this range to reach the safe zone. Sudden price increases in Hive in recent days are a signal that the price will increase.