The Huobi Token price (HT) has seen a significant increase of $5.00 to the US Dollar. It now faces a significant resistance of $6.85. If it breaks that level, it can rally up to $10.00.
- Huobi Token’s price rose by more than 50% within a matter of days, breaking the $5.00 resistance.
- Now, the price trades above $5.00. The 100-day simple moving average is at $10.00.
- A break was observed above the major bearish trendline, with resistance close to $4.50 in daily charts of HT/USD. (Data feed via FTX).
- If it breaks the $6.85 resistance zone, the pair may rally to $10.00.
Huobi Token HT Price Rallies Over 50%
Huobi Token built a strong foundation above the $4.00 area. The price of HT rose above $4.20/ $4.50 resistance. Bulls succeeded in pushing the price up above the $5.00 and 100-day hourly simple moving mean.
On the daily chart for HT/USD, the price broke above a significant bearish trend line. Resistance was at the level of $4.50. As the price rose, it was able clear 38.2% Fib resistance level. This is the primary drop from the $9.93 swing low to the $3.78 high.
It has increased by more than 25% within a single day (unlike bitcoin or ethereum), and it is now above the $6.00 resistance level. The $6.85 resistance level is where it now faces strong resistance. This resistance level is close to the 50% Fib Retracement level for the main fall of $9.93 from its high at the 9:93 swing high, to the low at the $3.78.
Source: HTUSD at TradingView.com
Near the $7.50 mark is the next significant resistance. The price could rise further if it closes above $7.50 and $6.85 levels. The HT price may reach the $9.95 or $10.00 levels depending on the above scenario.
Dips supported in HT
It could cause a correction to the downside if HT prices fail to cross $6.85 or $7.50 resistance levels. The $6.00 mark is the initial support for the downside.
Next major support will be near the $5.50 area. The downside breakout below the $5.50 level could lead to a significant downside correction. The Huobi Token’s price could fall towards $5.00 in the above scenario.
Technical indicators
Daily MACD – In the bullish zone, momentum is being gained by MACD for USD/HT.
Daily RSI – The RSI for HT/USD now lies in the overbought region.
Major Support Level – $6.00
Major Resistance Level – $6.85
