The price of the beehive (HIVE / USD) has climbed 18% in the past 24 hours, extending the 7-day gains to over 70%.
The volume of transactions has also increased by over 70% in the past 24 hours.
The blockchain ecosystem is based on a Delegated Proof of Stake (DPoS) protocol.
Hive (HIVE / USD) has climbed almost 18% in the past 24 hours, pushing its 7-day gains well above 70%. The Delegated Proof of Stake blockchain ecosystem also experienced a volume spike of over 70%, taking its market capitalization above $ 645 million.
Hive is a decentralized information sharing network launched on March 20, 2020. The platform comes with a blockchain-based financial ledger that allows content creators, consumers, investors and builders to share data on different types of applications.
Should we bet on the running of the bulls?
From an investment perspective, Hive offers an exciting opportunity for investors targeting a blockchain-based IoT market. And with companies continually investing in tools for data and information collection and analysis, its long-term prospects look exciting.
Therefore, although HIVE / USD has risen by over 100% in the past 30 days, it may not be too late to buy the blockchain ecosystem utility token based on the DPoS protocol.
Technically, HIVE appears to be trading within an ascending channel formation in the intraday chart. As a result, it exploded deep into the overbought conditions of the 14 day RSI.
Therefore, investors could target technical withdrawals at around $ 1.50, or less at $ 1.28. However, those who wish to ignore short-term turmoil for long-term gains might also aim for extended gains at around $ 1.82, or more at $ 2.01.
In summary, HIVE still looks like an exciting buy despite the recent rally.