Huobi Token Breaches $29.54 – What’s Next?

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Huobi Token (HT) is a decentralized digital asset based on Ethereum that is launched by world-leading cryptocurrency trading platforms Huobi. It hit a record high of $29.54 on May 2.

It has a limited total supply of 500 million issued by Huobi Group. According to Coinmarketcap, HT is ranked the 34th digital asset with a market cap of $5,077,540,808.

HT’s recent performance has been outstanding, and it has risen by 53.32% in the past week.

Previously, the direct listing of the Coinbase exchange makes investors re-examine the potential of virtual currency exchanges and platform currencies. Huobi has seen their native tokens HT increase by 825% since the beginning of 2021 at that time.

Now, HT has reached a new high of $29.54, with a return rate of 5900% to investors from $4.28 to $29.54 today on a year-to-date basis.

Huobi Token (HT) Price Analysis

SourceHT/USDT Daily via TradingView

Huobi Token (HT) surged above the previous high of $26.89 on May 1. It hit a record high of $29.54 on the following day. However, after touching its all-time high (ATH) yesterday, the HT’s price suffered strong selling resistance. From a trading volume perspective, yesterday’s trading volume was almost the same as the day before, which proves that there were a large number of tied-up altcoins before that were being sold yesterday.

However, although the bears are currently trying to pull the price back below the breakout level of $26.89 and trap the aggressive bulls, it was unsuccessful.

At the time of writing, Huobi Token is trading at $27.98.

The transaction price of HT/USDT is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD indicate that the bulls are currently dominating the market.

However, Stochastic RSI is merged at the overbought zone, which implies that a bearish crossover may be formed later and develop downward. However, this may only be a short-term correction, and the bulls find it difficult to push the price up to $29.54. This may lead to high volatility in the short term.

The previous resistance level of $26.89 has been reversed to a support level. If the bulls actively defend the $26.89 support level, it indicates that there is strong buying every time a small decline occurs. Then it is only a matter of time to break through its all-time high. When Huobi Token hits a new high, this will indicate that the altcoin will not encounter strong selling pressure on its way up. It is very likely that Huobi Token breaks through $35 in the short term.

If a large number of sell orders are triggered, the price drops and continues below $26.89 for three days then HT/USDT will test the 20 day-Exponential Moving Average of $21.24 support level. A break below the 20-EMA may indicate the beginning of a deeper correction.

Image source: Shutterstock



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