Hive price (HIVE/USD) spiked 18% in the last 24 hours, extending the 7-day gains to over 70%.
Trading volume also increased by more than 70% in the last 24 hours.
The blockchain ecosystem is based on a Delegated Proof of Stake (DPoS) protocol.
Hive (HIVE/USD) has spiked nearly 18% in the last 24 hours, pushing its 7-day gains well above 70%. The Delegated Proof of Stake blockchain ecosystem also witnessed a volume spike of more than 70% driving its market capitalisation above $645 million.
Hive is a decentralised information-sharing network launched on 20th March 2020. The platform has an accompanying blockchain-based financial ledger that allows content creators, consumers, investors and builders to share data across different types of applications.
Should you bet on the bull run?
From an investment perspective, Hive offers an exciting opportunity for investors targeting a blockchain-driven IoT market. And with companies continuously investing in data and information gathering and analytics tools, its long-term outlook seems exciting.
Therefore, although HIVE/USD is up more than 100% in the last 30 days, it may not be too late to buy the utility token of the DPoS protocol-based blockchain ecosystem.
Technically, HIVE seems to be trading within an ascending channel formation in the intraday chart. As a result, it has rocketed deep into the overbought conditions of the 14-day RSI.
Therefore, investors could target technical pullbacks at about $1.50, or lower at $1.28. However, those willing to overlook the short-term turbulence for long-term gains could also target extended gains at about $1.82, or higher at $2.01.
In summary, HIVE still looks like an exciting buy despite the recent rally.