Huobi Token Pumps 77% In Seven Days, What’s Behind The Rally?

  • HT’s price shows strength as price cracks 77% gain despite the market displaying uncertainty. 
  • The price broke out of the descending triangle and showed strong volume buys, indicating that HT is in a downtrend. 
  • Bullish signs are seen in the price for HT, as it trades between 50 and 200 Exponential Movement Averages (EMA), at a high volume. 

Huobi Token’s (HT) price movements are a joy to watch after it broke out from its downtrend. This has resulted in the Huobi Token price being anchored against tether ($USDT) Despite the current state of the crypto market facing a new drawback as Bitcoin’s (BTC) price dropped from $19,000 to $18,100 as the Consumer Price Index (CPI) suggests an increase in inflation affecting the price of BTC negatively with altcoins affected. In this market run, HT is one of the most prominent tokens showing such strength. Kucoin data

Huobi (HT). Price Analysis on the Weekly Chart

The sharp drop in crypto markets after publication of CPI news made it appear that the market was being manipulated. Bitcoin (BTC), fell from $19 200 to $18,200 within hours. The market rebounded quickly as many altcoins started to gain strength. HT rose more following its break from the downtrend. 

After dropping to $3.5 due to what has been a hard year for HT (and other crypto projects), the price of HP rebounded and reached $7.9.

As HT trades at $7.6, the price is currently facing resistance. HT must break $8 resistance for the price trend to $10. We could see the price break this resistance zone with additional buy orders based on the current price action of HT. We could test the $6.6 support level to keep the price from falling if the price of the HT price fails to break out of this area.

Weekly resistance for the price of HT – $8-$10.

Weekly support for the price of HT – $6.6.

Huobi Token Price Analysis On The Daily (1D), Chart

Source:| Source: HTUSDT On

After successfully breaking through the downtrend line, and maintaining support at $6, the daily price range for HT appears good. 

HT’s price holds strong above the 50 and 200 Exponential Moving Averages (EMA); the price of $6, which corresponds to the 200 EMA, acts as strong support for the price of HT on the daily timeframe.

The price could rise to $10 after a further push from HT bulls. This would be a powerful area of price rejection.

Daily resistance for the price of HT – $8-$10.

Daily support for the price of HT – $6.

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