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HT Price Analysis: Are Bulls Making a Move on HT Price?

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The Huobi Token price has been trading under a severe bear trend for the last couple of months. This suggests that the investors are currently hesitant regarding the Huboi token, where the price is trading firmly under the seller’s influence. As of now, the price is giving indications that it can make an attempt to make a bullish move. 

The price of HT is currently consolidating within a consolidation range indicating that the buying and selling tension is building up. The consolidation is being formed under all the key indicators, the price will face severe resistance on the bullish move. Hence, the probability of HTs breakout is in the seller’s hand. 

HT price trading within a consolidation range

Source:  HT/USDT by TradingView

Although HT price made an attempt to change its trend in early October with the bull’s support, it started moving on a bull trend. During the bull trend the price made an extremely bullish move of more than 95%, making a higher high and higher low. Nevertheless, the bears took control from the bulls around mid-March, directly after which the price broke below its trend line and made a sharp downfall of 30%.

Technical Analysis

Source:  HT/USDT by TradingView


The RSI recently broke above its resistance of 14 SMA after a bullish move. The current value of the RSI is 52.38 points. At present it is above the 14 SMA which is at 42.98 points. The RSI line is giving bullish indications regarding the ongoing trend, but the making of a downward curve suggests it can make a slight correction.

The stochastic RSI has already reached the overbought zone after taking a reversal from the demand zone. The %K and %D lines are crossing above the median line and are making a sharp move toward the oversold zone. Although the Stochastic RSI often trades in the supply zone longer than the demand zone, the reversal is not always immediate. As such, the buyers may prefer for the %K and %D to make a bearish intersection before a reversal to make a confirmation.

Conclusion

The HT price is currently making a consolidation while its movements are choppy and volatile. The price action suggests the price is not being supported by the buyers on a long-term basis. If the price finds buyers’ support at current levels, it can make a bullish rally.

Technical levels –

Support – $3.500 and $3.400

Resistance – $4.200 and $4.600

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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