Huobi Token Up 30% In Last 24 Hours; HT Seen Rising This Week

Huobi has experienced its ups and downs, just like any other entity in the crypto space. Not surprisingly. Prior to the 2021 Chinese ban on cryptocurrency trading, the company’s chief operating officer, Robin Zhu, was under investigation in China for unspecified reasons.

The exchange announced that it had lost 920 BTC and 8,100 LTC in a Weibo post in 2014. However, at the time, it was estimated that the exchange might have lost much more than that – 5,000 BTC and 80,000 LTC.

If something like this happened today, the exchange would cost $95 million in Bitcoin and $4 million in Litecoin.

Hopi It was also negatively affected by China’s ban on virtual currencies. As a result, About Capital decided to acquire the business on October 8 of this year. Several days later, the company announced its decision to create an advisory board of five participants.

The original Huobi token rose after a tweet from Justin Sun, founder of Tron, who has laid out plans to revive the company.

As of this writing, HT is trading in $6.62up 61 percent in the past seven days, data from Coingecko shows, Wednesday.

Go for the green option

Prior to the release of the recovery plan, HT price was swinging near the $4.3395 support level, which has shown strength over the past few months. This support level effectively pared the market decline from May to June, which saw many cryptocurrencies falter.

Chart: TradingView

In August, the token increased by 31% in three days. From August 15th to August 19th, the coin fell by about 21.57%. In the following month, the coin’s withdrawal reversed and formed a downtrend that temporarily breached the $4.3395 support.

Along with the establishment of the advisory board, the acquisition instilled new confidence in the organization. From that moment on, the price tested the previous support level and yesterday, October 10, it finally broke through. However, investors should be wary of a falling market.

Huobi: the correction phase is imminent

Long-term token holders will inevitably sell their holdings at a profit during major spikes like the one in current HT. The symbol’s RSI has reached the overbought zone, which will send strong sell signals to investors and traders.

If the pullback occurs within the next few days, the bulls should defend the 50 Fibonacci level, as any breakout by the bears will increase selling pressure on the coin.

Investors can also consider a Bollinger band, as the upper part of the indicator is now supporting the movement.

In addition, the 20-day to 150-day SMA acts as a dynamic support for the currency. However, even if a correction occurs, the future of HT remains promising.

HTUSD pair trading at $6.53 on the daily chart | Featured image from Crypto Briefing, Chart:

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