Huobi Token (HT) continues to be up 12% within the last 24 hrs and is among the couple of cryptocurrencies bucking the overall downtrend.
Buying and selling in excess of $7, HT’s cost expires over 80% forever of the week, also is its best weekly performance since Feb 2021.
HT’s intraday gains coincide mainly with crypto exchange Huobi Global announcing the outlet of Starfish Finance (SEAN) place buying and selling on its platform.
Intends to “empower” HT
Furthermore, HT’s impressive weekly gains were associated with About Capital Management. On March. 8, this Hong Kong-based investment firm announced purchasing Huobi Global, one of the main cryptocurrency exchanges by volume.
HT works as a utility token within the Huobi Global ecosystem. Justin Sun, the founding father of the Tron blockchain project and apparently the main backer of approximately Capital, stated on March. 10 they would empower HT to improve Huobi Global’s logo and business efforts.
今天是我入职Huobi第二天，我代表Huobi Global顾问委员会发言，我们深知振兴Huobi的关键就是赋能HT，HT兴火币才能兴！未来将有许多大动作围绕HT展开，包括品牌升级，重磅赋能，商务合作，我们会团结一切能团结的力量，共同把@HuobiGlobal 做好！
— H.E. Justin Sun (@justinsuntron) October 10, 2022
Nonetheless, the HT cost rally has uncovered it to potential profit-taking scenarios, per a mixture of technical indicators.
Huobi Token overbought?
Around the daily chart below, HT’s relative strength index (RSI) has entered above 70, that is considered an “overbought” signal. That typically follows using the cost entering a consolidation or correction period.
Similarly, the HT cost rally observed now comes with a stop by buying and selling volumes, suggesting traders happen to be growing doubtful concerning the durability from the upward trend. Again, it could cause a cost correction within the future.
The 3rd bearish signal originates from HT’s weekly chart.
Particularly, HT’s cost now tests a resistance confluence comprised of its 50-week exponential moving average (50-week EMA the red wave), the .786 Fib line near $7.30, along with a horizontal level near $7.40 which has in the past offered as support however functions like a cost ceiling.
Related: Crypto markets to determine ‘explosive volatility’ soon: Arcane Research
Case of a pullback out of this resistance confluence might have HT drop toward the $3.4-$3.8 area through the finish of the year, a 50% cost decline.
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