Huobi token [HT], the native token of cryptocurrency exchange HTX, has surged to a five-month high of $2.95 following a rapid increase in trading volume.
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Huobi Token (HT), a cryptocurrency trading exchange asset with an overall valuation of $868 million, recorded a significant uptick in its price after an announcement made by Justin Sun, the founder of the Tron blokchain.
According to data from Coingecko, on November 29, the asset went up by 13% and peaked at $7.22 before entering a correction phase that made it return to the $6 territory.
At the time of this writing, tracking from the online crypto information provider indicates the token is changing hands at $6.63, declining by 2.9% during the previous 24 hours.
Still, the altcoin is sitting on a 20% gain over the last seven days and has tallied an impressive 44.3% jump for the past two weeks.
This momentary surge of the Huobi Token might have been triggered by news of plans to launch a new crypto project.
Sun Teases Debut Of Dominica Currency (DMC)
Using his Twitter account, Sun – who was recently appointed by Huobi to be a member of a new global advisory board – announced the launch of the Dominica coin.
The exchange platform confirmed this development with an official statement, saying that the soon-to-be-released digital asset, which will be called Dominica Currency (DMC), will be introduced to the public via the Huobi Prime – the company’s only platform for token offerings.
There was no definite timeline mentioned as to when the new crypto will be available but the Bitcoin exchange said it will be airdropped to their users.
Along this line, Huobi also said that their users can use their Dominica digital identification documents (DID) to confirm their identities in preparation for the airdrop.
This is not the first time that the Commonwealth of Dominica, an island country in the Caribbean, advanced its crypto adoption programs as it has already made TRON and its associated native tokens legal tender within its jurisdictions.
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Although there is no clear timetable for the expected airdrop of Dominica Currency, the excitement for it is undeniable as it comes with a utility feature that is sorely lacking for many cryptocurrencies out there right now.
For its part, the Huobi Token is expected to play a vital role for the good performance and overall success of the DMC that is pivotal in giving holders greater chances for higher return on their investments.
With this development, HT managed to surge in value. Moreover, its technical indicators are pointing at a further climb, although the volatility of the market can once again obliterate all its recent gains.
Crypto total market cap at $808 billion on the daily chart | Featured image from Crypto News, Chart: TradingView.com
Huobi Token (HT) Records Higher Gains When Top Coins Struggle
The cryptocurrency market is currently experiencing some turbulence, and many coins are struggling to keep up with their peers. However, one coin is bucking this trend and gaining momentum at an impressive rate. Huobi token is on the road to being the most profitable crypto of October. The token has recorded high gains in a market filled with turbulent price actions.
Huobi token’s exponential profit comes as news of Justin Sun’s advisory role at Huobi Capital surfaces. The popular entrepreneur made several bullish remarks about HT on Twitter which caused the token to surge higher.
Huobi is currently enjoying a massive rally. Its current price action shows that it could end the month even stronger than it started. If it can continue to climb, it will likely reach new highs by November.
Huobi Token Records Massive Gains in October
October is known to be a bullish month for the entire crypto market. It’s that one month when every coin experiences a massive increase in value. However, this October has been anything but normal. Many top cryptocurrencies have struggled to maintain their recent gains.
Despite coins like Bitcoin and Ethereum starting out strong, they’re still struggling to keep decent gains. Bitcoin even traded below its $19k mark yesterday. Huobi is also one coin that started October on the wrong foot. However, it quickly turned things around and began climbing again.
The Huobi Token (HT) is currently trading at $9.26. Looking at its price range since the beginning of the month, you’ll notice it has gained quite a lot within weeks. More specifically, the Huobi token traded at $4.43 starting in October. It took a short dive the next few days, touching $3.99 on October 2nd. After 10 days, it regained momentum and started making bullish jumps. Between October 1st and today, 25th, Huobi has kept gains of over 105%. This is a huge gain for any coin, especially one that’s not as well-known as others.
Huobi Token Pump Courtesy of Justin Sun’s Announcement
HT’s massive gains can be attributed to Justin Sun’s announcement of owning tens of millions of HT tokens. Justin Sun, the founder of the TRON Network, took up an advisory role at Huobi Global this month. Sun remarked last week on Bloomberg TV, “I would perceive myself as one of the biggest holders.” However, he insisted that he had yet to buy a share in the exchange.
Shortly after Sun made his Bloomberg TV interview, Chinese journalist Colin Wu reported that Huobi had transferred 74 million HT to Sun’s wallets. The HT token currently has a maximum supply of 500 million, with 130 million in circulation.
According to Sun, Huobi Token (HT) is the company’s “core value.” Furthermore, he emphasized that for the exchange to become one of the “most significant” trading platforms in the world, HT needs to be “pushed vigorously.” The Tron creator said he wanted to focus on Huobi’s worldwide development. He also mentioned plans to return the company back to China—if regulators allow.
Featured image from Pixabay and chart from TradingView.com
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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.
- HT bounces from the downtrend as the price breaks out of a descending triangle with strong buy volume.
- The price of HT shows bullish signs as the price trades above 50 and 200 Exponential Moving Averages (EMA) with good volume.
The price movement of Huobi Token (HT) is a spectacle to behold after successfully breaking out of its downtrend that has seen the price of Huobi Token (HT) grounded 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. HT has been one of the stand-out tokens in this current market run showing so much strength. (Data from Kucoin)
Huobi (HT) Price Analysis On The Weekly Chart
Given the sharp decline in the crypto market after the release of the CPI news, the market appeared to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours. The market quickly recovered as most altcoins began to show strength, with HT rallying more after breaking out of its downtrend.
After dropping to a low of $3.5 with what has turned into a tough year for HT and other crypto projects, the price of HT bounced from its downtrend movement as price rallied to a high of $7.9.
The price of HT currently trades at $7.6 as the price faces resistance to breaking higher; HT needs to break the resistance at $8 for the price to trend to a high of $10. With the current price action for HT price, we could see the price breaking this resistance zone with more buy orders. If the price of HT fails to break this region, we could retest the support at $6.6 to hold the price sell-off.
Weekly resistance for the price of HT – $8-$10.
Weekly support for the price of HT – $6.6.
Price Analysis Of Huobi Token On The Daily (1D) Chart
Daily HT Price Chart | Source: HTUSDT On Tradingview.com
The daily timeframe for the price of HT looks good after successfully breaking out of the downtrend line and holding above key support of $6.
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.
A further push by HT bulls could see the price breaching $8 and rallying to a high of $10, acting as a strong area for price rejection.
Daily resistance for the price of HT – $8-$10.
Daily support for the price of HT – $6.
Featured Image From Crypto Business, Charts From Tradingview
Huobi Token Price Prediction: Break This And HT Price Could Surge To $10
Huobi Token (HT) price started a major increase above $5.00 against the US Dollar. It is now facing a major resistance at $6.85, above which it could rally to $10.00.
- Huobi Token price gained over 50% in a few days and broke the $5.00 resistance.
- The price is now trading above $5.00 and the 100-day hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $4.50 on the daily chart of HT/USD (data feed via FTX).
- The pair could rally further to $10.00 if it clears the $6.85 resistance zone.
Huobi Token (HT) Price Rallies over 50%
Huobi Token formed a strong base above the $4.00 zone. HT price started a fresh rally above the $4.20 and $4.50 resistance levels. The bulls were able to push the price above the $5.00 resistance and the 100-day hourly simple moving average.
During the rally, there was a break above a major bearish trend line with resistance near $4.50 on the daily chart of HT/USD. The price gained pace and was able to clear the 38.2% Fib retracement level of the main drop from the $9.93 swing high to $3.78 low.
It is up over 25% in a day (unlike bitcoin and ethereum) and surpassed the $6.00 resistance level. It is now facing a strong resistance near the $6.85 level. The stated resistance is near the 50% Fib retracement level of the main drop from the $9.93 swing high to $3.78 low.
Source: HTUSD on TradingView.com
The next major resistance sits near the $7.50 level. A close above the $6.85 and $7.50 levels could pump the price further higher. In the stated case, HT price could revisit the $9.95 level or even test the $10.00 resistance.
Dips Supported in HT?
If HT price fails to surpass the $6.85 and $7.50 resistance levels, it could start a downside correction. An initial support on the downside is near the $6.00 level.
The next major support is near the $5.50 level. A downside break below the $5.50 might start a major downside correction. In the stated case, Huobi Token price may perhaps decline towards the $5.00 level.
Technical Indicators
Daily MACD – The MACD for HT/USD is now gaining momentum in the bullish zone.
Daily RSI – The RSI for HT/USD is now in the overbought zone.
Major Support Level – $6.00
Major Resistance Level – $6.85
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