HIVE token has taken the cryptocurrency market by storm, surging 217% from its accumulation zone after breaking out from long-term resistance. Key support levels and rising demand fuel its rally, with the $1 target within reach as interest remains high.
Key Levels Driving the Surge
The weekly chart paints a compelling picture of HIVE's bullish breakout. The token decisively broke above a descending resistance trendline that had suppressed its price since mid-2022. This breakout and strong support at the $0.28–$0.30 accumulation zone laid the foundation for its meteoric rise. The green support box, highlighted on the chart, served as a launchpad, with buyers flooding in as HIVE approached this critical range. HIVE smashed through the $0.4692 resistance level on its upward trajectory, turning it into new support. The following resistance zones are clearly defined: $1.2035 and $2.2668. These levels represent the following psychological barriers, and the chart suggests that the current bull run could push the token to these heights if market momentum remains intact.
Technical Breakout Sparks Frenzy
The breakout saw HIVE's price skyrocket by 78% in just 24 hours, drawing significant attention from traders and investors. The volume also spiked to 76.53 million, indicating robust participation in the rally. Crypto Patel's earlier call, posted in November 2024, emphasized the accumulation phase and hinted at a potential 20x return. While those lofty predictions remain speculative, the 3x return has validated his analysis. With a gain of 0.4738 points since its accumulation phase, the token's bull rally is a textbook example of how technical analysis and patient market participation can yield impressive rewards. As Patel noted, "Take some profits and stay in the safe zone while the trend is hot!"
What's Next for HIVE?
The $1 mark is now within striking distance, with the token needing a modest 66% gain from its current price of $0.601. Should it breach this level, $2.2668 will act as a beacon for bulls aiming to capitalize on the bull market's momentum. Crypto Patel's analysis underscores that HIVE's potential remains strong, but traders should remain cautious as the market could face pullbacks near key resistance zones. However, the broader market conditions will play a crucial role. The bullish sentiment surrounding HIVE could be amplified if Bitcoin and Ethereum maintain their upward trends, drawing more liquidity into altcoins.
HIVE's 3x rally is a testament to the power of strategic accumulation and well-timed breakouts. Crypto Patel's eye for technical patterns has once again proven invaluable, with his predictions providing a roadmap for traders. For those late to the party, the token's roadmap to $1 and beyond offers hope, but the mantra of "profit-taking" cannot be overstated.
