Huobi Global is a global leader in cryptocurrencies since 2013 with currently 369 crypto assets trading on its platform. It is fast, secure, and allows users to get leverage up to 5X in spot trading of cryptocurrencies. Users can deposit, withdraw, and trade in digital currencies anytime, anywhere. Huobi Token (HT) is the prime governance token of this ecosystem. The following HT technical analysis predicts price trends for the next two days:
On May 6, 2021, HT started trading at $25.22. On May 12, 2021, HT closed at $37.90. Thus, in the past week, the HT price has increased by roughly 50%. In the last 24 hours, HT has traded between $32-$39.91.
Day-Ahead and Tomorrow
Currently, HT is trading at $34.27. The price has decreased from the day’s opening price of $37.90. Thus, the market seems to be bearish.
The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is negative. Therefore, we can expect the price to start decreasing.
Currently, the RSI indicator is at 30%. It has just rallied from the ‘oversold’ territory. Thus, selling pressures are very high. Like the MACD indicator, the RSI oscillator is also indicating a price decline.
However, the A/D indicator is upward sloping. This implies that whale accumulation is higher than whale distribution. There is a bullish divergence here. Hence, in conjunction with the other oscillators, we can say that the price may start rising after falling for some time.
HT Technical Analysis
Presently, the price is below the Fibonacci pivot point of $36.60. The price is soon likely to fall below the first support level of $33.58. As of now, the bears are strong and hence the price may fall below the subsequent support levels of $31.71 and $28.69, respectively after some time. Thereafter, we have to wait and watch to see if the price starts rising.
The price has tested and fallen below the 38.2% FIB retracement level of $35.02. It may soon fall below the 23.6% FIB retracement level of $33.87 as well. If by day end, the price does not retest and break out of these levels, then the bearish trend is strong. In that case, the price will continue falling tomorrow as well.