Huobi Token Breaches $29.54 - What's Next?

Annie Li   May 03, 2021 10:00

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 mades investors re-examine the potential of virtual currency exchanges. Huobi has seen its native token HT increase by 825% since the beginning of 2021.

Now, HT has reached a new high of $29.54, with a return rate of 5900%, 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 below the breakout level of $26.89 and trap the aggressive bulls, it is unsuccessful so far.

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 index indicate that the bulls are currently dominating the market.

However, the Stochastic RSI is merged at the overbought zone, which implies that a bearish crossover may be formed later and a downward trend may develop. However, this may only be a short-term correction, although the bulls are finding it difficult to push the price back to the all-time high of $29.54. This may lead to high volatility in the short term for Huobi Token.

The previous resistance level of $26.89 has been flipped to a support level. If the bulls actively defend the $26.89 support level, it indicates that there is strong buying trend every time a small decline occurs, meaning it is only a matter of time before Huobi Token breaks through its all-time high again. 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, HT's price will drop and continue below $26.89 for three days, before HT/USDT tests the 20 day-Exponential Moving Average of $21.24. A break below the 20-EMA of $21.24 may indicate the beginning of a deeper correction.

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Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of Blockchain.News. No information in this article should be interpreted as investment advice. Blockchain.News encourages all users to do their own research before investing in cryptocurrencies.

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