Disclaimer: The knowledge introduced doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
- HT was in bullish momentum.
- The token may shut above the downtrend line at $5.0463 and make sure a development reversal, however a break beneath $4.8250 will invalidate the above bias.
The Huobi change confronted appreciable FUD over the previous few days. Nonetheless, its native token, Huobi Token (HT), remained comparatively unshaken on the 12-hour value chart.
Like the remainder of the altcoins, HT rallied firstly of the brand new yr. At press time, it was buying and selling at $5.0506 and was on a crossline with a downtrend line. A confirmed shut above the downtrend line may give bulls extra leverage.
Learn Houbi Token’s [HT] Value Prediction 2023-24
The downtrend line: Will the bulls flip it into assist?
Supply: HT/USDT on TradingView
After a pointy rally between 21 – 25 November final yr, HT was a downtrend till the time of writing. HT additionally noticed a multi-week value consolidation between mid-December 2022 and early January 2023 and traded inside the $5.0463 – $5.4595 vary.
The token broke beneath the vary however was stored in test by the $4.6110 assist. A value restoration from this assist may verify a development reversal if it flips the downtrend line into assist.
The RSI was barely above the midpoint after rising from oversold territory. As well as, the Cash Movement Index (MFI) was within the overbought zone, suggesting sturdy shopping for strain.
Due to this fact, bulls may flip the downtrend resistance line into assist and commerce on the earlier $5.0463 – $5.4595 vary for the subsequent few days.
Nonetheless, a value rejection on the downtrend line will give bears a bonus. However bears’ efforts could possibly be stored in test by the $4.6110 – $4.8250 vary assist.
What number of 1,10,100 Huobi Tokens are price at present?
Huobi Token’s sentiment remained unfavourable up to now few days
Supply: Santiment
Based on Santiment, HT’s buying and selling volumes noticed an uptick on 6 January and declined afterward, solely to rise once more. As well as, the every day energetic handle progressively declined after 6 January and recorded an uptick on 11 January. The fluctuating volumes couldn’t supply a strong route for HT’s value.
HT’s weighted sentiment was unfavourable, indicating a bullish inclination from traders. Nonetheless, earlier unfavourable sentiment didn’t undermine the uptrend momentum. Due to this fact, traders can monitor BTC’s value motion earlier than making selections.
