Why is Hive falling down so much lately?

Hello readers,

If you have been active on Hive and have been monitoring its price, then I hope that by now, you have noticed the sharp downtrend in Hive price. Yes, Hive's price has been dipped for a while now, but when I checked its price just now, I was surprised to see it being traded for only 0.219$ per unit! I don't remember the last time I saw Hive being traded for such a low price, maybe when the first time it got forked out of Steemit and came into existence. But since then, being a daily hive user I have experienced many uptrends and downtrends but never have I seen this big of a dip in its price. I searched for posts on Hive to know what caused this sharp dip but failed to find any solid reason so if you know anything, please let me know in the comment as I am very curious about it.

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Currently, Hive is being sold for only 0.219$ per unit with a 13.5% decrease in price in the last 24 hours. The price of the Hive has been dipping slowly since March this year but after June, it is dipping faster and for the first time this year, the price of Hive has gone below 0.22$ which is really alarming, at least to me. I know crypto is volatile and I have years of experience while getting my hands burned multiple times but particularly hive, I am used to seeing it as a less volatile coin that only does 10 or 20% fluctuation during market volatilization.

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Now, if we look at a detailed price chart of Hive, its recent all time high was on March 14 this year when it touched 0.47$ per unit but since then, it is following a downtrend. After having multiple pumps and dumps, it showed some stability in its price since the middle of April and continued being traded around 0.30 - 0.32$ per unit for a while. But since the start of June, its price has started free falling again and while it was already at dip and was being sold for 0.3$ per unit on 1st June, the free fall in its price has taken it down to 0.219$ per Unit as we looking at it today and if this continues, we may also see it going down below 0.2$ per unit soon. It has been losing value for the last 6 weeks straight and has lost around 38% value and I hope it starts catching up from here.

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Now, I admit this is a tough time going for us Hiveans, but I am not worrying a bit because I believe in this project and it is also too strong fundamentally to go down. In fact, I think this right here is a pretty good opportunity to buy some hive if anyone has spare money (not at all financial advice). Seeing this sharp decline in its price, I am only getting a bluish vibe on Hive and thinking of getting some Funds to invest in it and maybe keep it liquid and sell later when it pumps up and goes above 30 cents or even power up some hive to give a boost to my HP goal.

I have a decent amount of HBD locked in HBD savings and I am thinking to start withdrawing a portion to Hive if it’s price breaks the 0.2$ resistance and goes down further. However, it would be a risky move and I don't want to encourage any of you to invest in my words as this is not financial advice. Always do your research before investing anywhere.

I hope you found this post useful and liked reading it. What do you think about the price of Hive? Will it go down further or start catching up from here o wards? Let me know your thoughts in the comment section below and I will be seeing you all in my next post.

Posted Using InLeo Alpha