HT Technical Analysis: Expect Price to Break Out of First Resistance Level of $21.31

Huobi Global is a global cryptocurrency exchange. Huobi Token (HT) is the customized or native token of this exchange. The HT token can be used to buy subscription plans of the exchange, avail transaction fee discounts, participate or vote in decisions taken by the exchange, access Huobi Global events, earn rewards, and much more. 359 digital assets trade on this exchange to date.

Past Performance

On April 15, 2021, the opening price of HT was $20.58. As of April 21, 2021, HT closed at $20.18. Thus, the price has declined by 2% over the past week. In the last 24 hours, HT has traded between $19.52-$21.72.

HT Price Analysis

Day-Ahead and Tomorrow

Currently, HT is trading at $20.45. A few hours back, HT was trading at $20.19. Thus, the HT price has increased only slightly. Thus, the market looks more or less neutral.

The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to rise further.

The RSI indicator faced rejection at 51% and has currently rallied to 58%. Thus, like the MACD indicator, the RSI indicator is showing high buying pressures. In other words, the RSI indicator is also pointing towards a price rise.

The OBV indicator has fallen steeply. The price and the OBV indicator are moving in opposite directions. Thus, there is a bearish divergence here. Since the OBV indicator is showing high selling pressures, a price drop is likely.

In conjunction with the other oscillators, we can say that the HT price is poised to go up, but an intermittent price pullback cannot be ruled out.

HT Technical Analysis

As per technical analysis, the price is currently above the Fibonacci pivot point of $20.47. As of now, we can expect the price to break out of the first resistance level of $21.31 soon.

The price has tested and broken out of the 61.8% FIB retracement level of $20.36. By day end, if the price tests and breaks out of the 23.6% FIB retracement level of $21.20, then we can be assured that the bulls are strong. In that case, we can expect the price upswing to continue tomorrow as well.


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