Huobi is a leading global trading platform for Bitcoin, Ethereum, and hundreds of other cryptocurrencies. Currently, 361 digital currencies trade on its platform. It helps users store digital money in multi-signature cold wallets with 24/7 security tracking. HT is the native token of this ecosystem and the technical analysis is as follows:
On April 23, 2021, HT started trading at $18.79. On April 29, 2021, HT closed at $21.20. Thus, in the past week, the HT price has increased by roughly 13%. In the last 24 hours, HT has traded between $20.30-$24.21
Day-Ahead and Tomorrow
Currently, HT is trading at $23.19. The price has increased from the day’s opening price of $21.20. Thus, the market seems to be uptick.
The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price rise amidst a bearish price trend.
Currently, the RSI indicator is at 49%. It rose from the 30% mark, a few minutes back, and faced rejection at 52%. Thus, selling pressures are high. Hence, the RSI indicator is giving further credence to a bearish price trend.
However, the OBV indicator is painting a different picture. It is upward sloping implying that buying volumes are higher than selling volumes. There is a bullish divergence here. Hence, we may expect the price to rise further.
In conjunction with the other two indicators, we can say that we have to wait and watch to see if the price rise is a temporary price adjustment or a part of a bullish trend in the HT market.
HT Technical Analysis
As per technical analysis, currently, the price is above the first Fibonacci pivot resistance level of $23.39. We have to wait and watch to see if the price falls up to the Fibonacci pivot point of $21.90 before rising again, or it breaks out of the second resistance level of $24.32 as well.
The price has tested and broken out of the 23.6% FIB resistance level of $23.29. As of now, the bulls seem strong. Hence, we can expect the bullish trend to continue today and tomorrow with some intermittent price pullbacks as a part of the price discovery process.