02 December 2023 : In this article we will walk you through Huobi Token price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Huobi Token, Is HT a good investment? Huobi Token support & resistance levels etc. But before diving deep into the HT technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,454,308,290,502. The total trading volume stands at $48,375,341,401. Bitcoin shares 52.04 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $38,704.11 level after an upward movement of 2.14%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.33 percent reaching to $2,093.52 during the previous 24 hours.
While publishing this blog, BNB traded at $229.23, following a price change of 0.26% within the same time frame. XRP the native coin of XRP is up by 0.58 and currently trading at $0.61. Additionally, Solana reached $60.99 after seeing a uplift of 0.41% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Huobi Token (HT)
|HT Resistance Levels||HT Support Levels|
|Resistance Level 1||$8.56||Support Level 1||$5.93|
|Resistance Level 2||$9.69||Support Level 2||$4.44|
|Resistance Level 3||$11.19||Support Level 3||$3.31|
The daily chart of Huobi Token shows that the HT price has a downward movement with a -0.96% decrease in past 24 hours. The price value of the Huobi Token (HT) coin is standing at $2.82 with market capitalization $456,859,433.00 USD. HT price changes -3.99% over the week while the trading volume is hovering around $5,560,605.00 USD.
HT price analysis for 02 December 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Huobi Token.
|Simple Moving Average (10)||6.69||Sell|
|Exponential Moving Average (10)||6.91||Sell|
|Simple Moving Average (20)||5.46||Sell|
|Exponential Moving Average (20)||5.69||Sell|
|Simple Moving Average (50)||4.95||Sell|
|Exponential Moving Average (50)||5.07||Sell|
The Huobi Token has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take HT price below the crucial support level of $5.93. The Relative strength index (RSI) for HT Coin is currently hovering at 82 for 14-days average line, which means HT is in overbought zone and a trend reversal is possible. The HT/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term buy signal as the MACD line is moving above Signal Line Which means bulls are dominating in the market. While HT’s Williams %R indicator is at -6.84 for the 14-day time period indicating a overbought condition and short term trend price correction is possible.
The Huobi Token market is shown signs of being bearish, and sellers have the potential to drive prices of the cryptocurrency lower in the next few days. Alternatively, The price of HT might try to break above its resistance level of $8.56. For now the coin is showing negative trend.