Did you make use of the Hive pump we had today? I'm happy and glad that I was able to make use of this pump. Last week when the price of Hive went below 30 cents, I bought some Hive for 28 cents. Today when I saw the price spiking to 33 cents, I sold some of my Hive for 33 cents and make a quick profit. Buying them for 28 cents and selling them for 33 cents is a great deal I guess.
I have talked about doing swing trades several times in the past. Today was one such day for me when my swing trade was successful. I was able to purchase Hive low and sell them Hive. People also do it the other way around where they sell it high and buy back when the price goes low. This way we should be able to increase the Hive we are holding. These swing trade principles are applicable to any tokens. The only criterion here is that we should know when the buy and when to sell. Only if we observe a coin very well and know the price pattern, we would be able to do this.
If you look at the Hive Price chart today, it looks like all this happened in the last 24 hours. Hive had a sudden spike and it reached as high as 35 cents. People selling it at 35 and buying it back at 33 would have had a decent profit from swing trades. But it is hard to predict the market trend and we cannot even say for sure that this pattern would repeat again and again.
Value is more important than price
For me, this is the most important thing. I'm happy to hold my Hive for a very long period of time. In the last 4 years, I have seen several good market trends and bad market trends. Today the price of Hive at 33 cents can look costly but when the price goes above 1$, we might start thinking that we should have made use of the opportunity and bought Hive when it was cheaper. But when it is low, we might also have a feeling that what if the price goes further down. That is when I think about the real value of a cryptocurrency than the actual price.
Price can vary based on the market conditions but the value of cryptocurrency is always the same and it would even gain more reputation if the use case is solid. I still remember seeing the price of Hive at around 11 cents and I was fortunate to purchase some Hive when the price was around 11 cents. We will not know the value of 11 cents. We might wait and wait and it would be gone in no time.
The current price of Hive is also like that. We might think that it can take several months for Hive to heal back to about 1 dollar but in no time it can happen. We would end up lucky only if we had accumulated lots of Hive when the price was very low. Doing swing trades is also one good way to increase our holdings but it also comes with a risk. My ideology is to purchase Hive and sell them for a minimum profit and then buy again if it goes down again. Keep repeating it. Though I'm experimenting with this only with a small amount of Hive, I guess doing this with a high quantity of Hive would probably give us a better outcome.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
Vote @balaz as a Hive Witness
Vote @kanibot as a Hive Engine Witness