Huobi Token (HT) is a native currency of Huobi Crypto Exchange, it was launched to offer discounts to customers. The token can be used to purchase monthly VIP status plans and get a discount on fees. VIP status holders have a voting right on exchange decisions and get seasonal cashback in the form of cryptocurrencies. Let us look at the technical analysis of HT.
<h2><strong>Past Performance of Huobi Token</strong></h2>
On September 24, 2021, HT opened at $12.50. On September 30, 2021, HT closed at $8.13. Thus, <a href="https://www.cryptoknowmics.com/news/ht-technical-analysis-price-below-the-second-fibonacci-pivot-point-of-13-13-a-big-resistance-point/">in the past week</a>, HT tanked by approximately 34.22%. In the last 24 hours, HT has traded between $7.93-$8.32.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/o/o8EtOnA0.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/o8EtOnA0/">https://www.tradingview.com/x/o8EtOnA0/</a>
<h2><strong>HT Technical Analysis </strong></h2>
Currently, HT is trading at $8.10. The price has decreased from the day’s opening price. Thus, the market seems bearish.

The <strong>MACD and signal lines</strong> are in the negative zone. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price may decline further.

Currently, the <strong>RSI indicator</strong> is below the oversold zone. It is at 26%. It faced rejection at 19% and came back to this level. Thus, the selling pressures are overtaking the market. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

When we look at both the oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch to see if an intermittent price rise is a corrective action or the beginning of a positive trend.
<h2><strong>Day-Ahead and Tomorrow </strong></h2>
Currently, the HT price is below the <strong>second Fibonacci pivot point</strong> of $8.72. This level acts as a strong resistance level. If the bulls get active by the end of the day, then the price is likely to rise above and highlight the first, second, and third resistance levels of $9.71, $12.82, and $12.92, respectively.

In previous trading sessions, the Huobi Token price has tested and fallen below the 23.6% <strong>FIB retracement level</strong> of $9.73. It may soon retest the <strong>23.6%</strong> <strong>FIB retracement level</strong>. If the price breaks down from the support zone of $7.39, it will highlight the next support of $6.19. Hence, traders can take a short position accordingly.

HT Technical Analysis: Price Below the Second Fibonacci Pivot Point of $8.72, Strong Resistance Level

This HT level acts as a strong resistance level. If the bulls get active by the end of the day, then the price is likely to rise above and highlight the first, second, and third resistance levels of $9.71, $12.82, and $12.92 respectively.In previous trading sessions, the price has tested and fallen below the 23.6% FIB retracement level of $9.73. It may soon retest the 23.6% FIB retracement level. If the price breaks down from the support zone of $7.39 it will highlight the next support which is at $6.19. Traders can take a short position accordingly.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

HT Technical Analysis: Price Below the Second Fibonacci Pivot Point of $8.72, Strong Resistance Level

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