Huobi Token (HT) is a decentralized digital asset based on ether that is launched by the world’s leading cryptocurrency trading platforms Huobi. On May 2, it hit a record high of $ 29.54.
It has a total limited supply of 500 million issued by the Huobi Group. According to Coinmarketcap, HT is the 34th digital asset with a Market capitalization from $ 5,077,540,808.
HT’s recent performance has been excellent, up 53.32% over the past week.
Previously, the direct listing of the Coinbase exchange has caused investors to re-examine the potential of virtual currency exchanges. In Huobi, the native token HT has increased 825% since early 2021.
Now HT has hit a new high of $ 29.54, with a return rate of 5900%, from $ 4.28 to $ 29.54 today since the start of the year.
Huobi Token (HT) price analysis
Source：HT/USDT Daily via TradingView
Huobi Token (HT) surged above previous high of $ 26.89 on May 1 and hit a record high of $ 29.54 the following day. After hitting its all-time high (ATH) yesterday, the HT suffered from strong selling resistance. From a trading volume perspective, yesterday’s trading volume was almost the same as the previous day, which proves that there was a large number of tied altcoins before they were sold yesterday.
Although the bears are currently trying to bring the price below the breakout level of $ 26.89 and catch the aggressive bulls, it has so far been 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 band. Both the upward moving average and the bullish MACD index suggest that the bulls are currently dominating the market.
However, the stochastic RSI is merged in the overbought zone, which implies that a bearish transition can form later and a downtrend can develop. However, this can only be a short-term correction, although the bulls are having a hard time pushing the price back to the all-time high of $ 29.54. This can lead to high volatility for Huobi tokens in the short term.
The previous resistance level of $ 26.89 has been tipped to a support level. If the bulls are actively defending the USD 26.89 support level, it suggests that there is a strong buying trend every time a small decline occurs. This means that it is only a matter of time before Huobi Token breaks its all-time high again. If Huobi Token hits a new high, it means that the altcoin will not face any strong selling pressure on its way up. It is very likely that Huobi Token will break through $ 35 in the short term.
When a large number of sell orders are triggered, the price of HT falls and stays 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 at $ 21.24 may indicate the start of a deeper correction.
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