Huobi Token (HT) is the native token of the cryptocurrency exchange Huobi Global. It is a decentralized digital asset based on the Ethereum blockchain and is ERC-20 compliant. Leon Li is the founder and CEO of Huobi Group. The Huobi Token has two main functions. First, the Huobi exchange uses HT for its loyalty program that rewards members with a range of discounts. The company has also decided to use HT tokens to confer voting rights on users of the Huobi Autonomous Digital Asset Exchange (HADAX). Let us look at the technical analysis of HT.
HT opened at $7.47 on 14 October 2021. The later part of the week witnessed a sudden increase in price. It closed at $9.54 on 20 October 2021. This was an overall change of 27.7% across the week.
The price chart took support at $7.2 and started increasing slowly. It then had a sharp increase on 20 October 2021. Today, it is trading 6.12% down at $8.95 as compared to yesterday’s close. This is a bearish signal.
OBV is showing a decline at the end of its graph, meaning that the buying pressure is dominated by the selling pressure. This is a bearish signal and the traders may take a short position here.
RSI is again showing a dip at the end of its graph. This means that HT is losing its strength. It is currently at 52.15. This is again a bearish signal and the traders may take a short position.
MACD, being a lagging indicator, is confirming the last week’s spike. This can be seen as the distance between the fast and the slow line is increasing and both are moving upwards. There is no divergence from the price chart.
Fibonacci numbers show that the price chart took support from the fib level at $7.36. It has successfully crossed the fib level at $8.93, and the next level to be tested is at $10.19.
Thus, the indicators are showing bearish signals following a sudden spike in the price yesterday. The traders may take a short position here by keeping the stop-loss at $8.82. However, the uptrend may continue as well if it takes support at $8.82.