- Analysis of the Huobi Token price shows a consistent upward trend.
- The token has increased by 5.73% over the past 24 hours.
- All technical indicators are favorable and point north.
A definite upswing in the price of digital asset has been evident over the past 24 hours, according to Huobi Token (HT) price research on the daily price chart. The bulls have consistently held the upper hand since 10 October 2022 and have taken control of the market.
The About Capital Management fund’s majority stakeholder, HuobiGlobal, announced on October 8th that it has sold all of the company’s shares that it had previously owned. It turns out that Justin Sun is the fund’s primary investor. On Justin Sun’s official social media sites, he announced that Huobi had hired him as a global advisor. Increased demand for the Huobi Token has also resulted from this.
Huobi was trading up 5.73% versus the US dollar at the time of writing and was valued at $4.48. The market capitalization, which has climbed by 7.84% to $684,453,680, and the 1-day trading volume, which has increased to $19,403,259, are the two factors that contributed to the price gain.
Huobi(HT)/USD1-day price chart (Source:CoinMarketCap)
According to the technical indicators on the hourly, 4-hour, and daily charts, bulls have taken control of the market, which are all pointing north.
On the 24-hour price chart, the Bollinger Bands are bulging, indicating market volatility and the end of the current trend. The bands are touching at 4.6767 and 3.9647, and these levels act as both resistance and support for the market.
The MACD line is crossing the signal line, a sign that the bulls are in control of the market, and the bullish momentum is gaining strength. The MACD line resides at -0.1019, while the signal line is at -0.1148.
In the past 24 hours, the Relative Strength Index (RSI), which is currently at 52.08, has been climbing. This suggests that the market is seeing significant buying pressure, and the RSI’s upward trend suggests an escalating market trend and activity toward more inflation.
Huobi(HT) 1-day price chart (Source:CoinMarketCap)
A golden cross pattern is observed on the price chart as the 20-day Moving Average crosses above the 50-day Moving Average. The 20-day MA reads at $4.2275, and the 50-day MA is at $4.0647.The golden cross pattern indicates a bull market on the horizon and is reinforced by high trading volumes, as witnessed by the Huobi Token (HT).
At 68.53, the Stoch RSI line is quite close to the overbought area at the time of writing. Overbought just notifies the traders that the RSI is close to the extremes of its recent values, which does not always suggest the price will retrace lower.
Huobi(HT)/USD 4-hour price chart (Source :CoinMarketCap)
In general, the bulls are fighting to preserve the bullish momentum and sustain this upswing while trying to keep the prices afloat.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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