• HT’s price shows strength as price cracks 77% gain despite the market displaying uncertainty. 
• HT bounces from the downtrend as the price breaks out of a descending triangle with strong buy volume. 

• The price of HT shows bullish signs as the price trades above 50 and 200 Exponential Moving Averages (EMA) with good volume. 

The price movement of Huobi Token (HT) is a spectacle to behold after successfully breaking out of its downtrend that has seen the price of Huobi Token (HT) grounded against tether (USDT). Despite the current state of the crypto market facing a new drawback as Bitcoin’s (BTC) price dropped from $19,000 to $18,100 as the Consumer Price Index (CPI) suggests an increase in inflation affecting the price of BTC negatively with altcoins affected. HT has been one of the stand-out tokens in this current market run showing so much strength. (Data from Kucoin)

Huobi (HT) Price Analysis On The Weekly Chart

Given the sharp decline in the crypto market after the release of the CPI news, the market appeared to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours. The market quickly recovered as most altcoins began to show strength, with HT rallying more after breaking out of its downtrend. 

After dropping to a low of $3.5 with what has turned into a tough year for HT and other crypto projects, the price of HT bounced from its downtrend movement as price rallied to a high of $7.9.

The price of HT currently trades at $7.6 as the price faces resistance to breaking higher; HT needs to break the resistance at $8 for the price to trend to a high of $10. With the current price action for HT price, we could see the price breaking this resistance zone with more buy orders. If the price of HT fails to break this region, we could retest the support at $6.6 to hold the price sell-off.

Weekly resistance for the price of HT – $8-$10.

Weekly support for the price of HT – $6.6.

Price Analysis Of Huobi Token On The Daily (1D) Chart
Daily HT Price Chart | Source: HTUSDT On Tradingview.com

The daily timeframe for the price of HT looks good after successfully breaking out of the downtrend line and holding above key support of $6. 

HT’s price holds strong above the 50 and 200 Exponential Moving Averages (EMA); the price of $6, which corresponds to the 200 EMA, acts as strong support for the price of HT on the daily timeframe.

A further push by HT bulls could see the price breaching $8 and rallying to a high of $10, acting as a strong area for price rejection.

Daily resistance for the price of HT – $8-$10.

Daily support for the price of HT – $6.

Featured Image From Crypto Business, Charts From Tradingview

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Huobi Token (HT) price started a major increase above $5.00 against the US Dollar. It is now facing a major resistance at $6.85, above which it could rally to $10.00.

• Huobi Token price gained over 50% in a few days and broke the $5.00 resistance.
• The price is now trading above $5.00 and the 100-day hourly simple moving average.
• There was a break above a major bearish trend line with resistance near $4.50 on the daily chart of HT/USD (data feed via FTX).
• The pair could rally further to $10.00 if it clears the $6.85 resistance zone.

Huobi Token (HT) Price Rallies over 50%

Huobi Token formed a strong base above the $4.00 zone. HT price started a fresh rally above the $4.20 and $4.50 resistance levels. The bulls were able to push the price above the $5.00 resistance and the 100-day hourly simple moving average.

During the rally, there was a break above a major bearish trend line with resistance near $4.50 on the daily chart of HT/USD. The price gained pace and was able to clear the 38.2% Fib retracement level of the main drop from the $9.93 swing high to $3.78 low.

It is up over 25% in a day (unlike bitcoin and ethereum) and surpassed the $6.00 resistance level. It is now facing a strong resistance near the $6.85 level. The stated resistance is near the 50% Fib retracement level of the main drop from the $9.93 swing high to $3.78 low.

Source: HTUSD on TradingView.com

The next major resistance sits near the $7.50 level. A close above the $6.85 and $7.50 levels could pump the price further higher. In the stated case, HT price could revisit the $9.95 level or even test the $10.00 resistance.

Dips Supported in HT?

If HT price fails to surpass the $6.85 and $7.50 resistance levels, it could start a downside correction. An initial support on the downside is near the $6.00 level.

The next major support is near the $5.50 level. A downside break below the $5.50 might start a major downside correction. In the stated case, Huobi Token price may perhaps decline towards the $5.00 level.

Technical Indicators

Daily MACD – The MACD for HT/USD is now gaining momentum in the bullish zone.

Daily RSI – The RSI for HT/USD is now in the overbought zone.

Major Support Level – $6.00

Major Resistance Level – $6.85

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