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- 1 Huobi Token price prediction says bears are active and more decline is possible.
- 2 HT crypto price slipped below the 50-day EMA, showcasing that the short-term trend has reversed down.
- 3 The token price faced rejection from $3.00, which has now turned out as a supply zone.
Huobi Token (HT) price is in a correction phase and bears continue to reject the token on every rise. It displays a bearish pattern and price declines by forming lower-low candles.
HT crypto faced a strong rejection from the $3.900 and its price slipped below the 50-day EMA. It showcases that the short-term trend has reversed.
The chart pattern of this crypto is bearish and sellers’ dominance is visible. The short-term bounce is getting sold off, which indicates the presence of sellers on higher levels.
At the beginning of January, buyers tried multiple times to break out of the $3.000 hurdle. Sellers were active and they succeeded in defending their boundaries. The price steadily declined and eroded the gains of November 2023.
At present, HT is sliding toward the yearly low placed at $2.1160. It may act as an immediate support for bulls and buyers may try to give a short-term bounce.
Huobi Token price is trading at $2.4219 with a one-day decrease of -0.34%. In the last 24 hours, the volume-to-market cap ratio is 3.08%.
Will HT Token Respect the $2.00 Support?
HT price is on the sellers’ radar and no reliable sign of recovery is visible on a daily time frame chart. As long as the price is trading below the $3.000 level, this crypto will remain bearish.
Any short-term bounce toward the supply zone will be an opportunity to build fresh short positions. However, if the situation reverses and buyers succeed in pushing the price above $3.00, the trend will again reverse upward and new participants may show their interest.
The analysis suggests that HT crypto looks oversold and buyers are likely to respect the $2.00 support.
The HT Crypto is in Downtrend
Huobi Token crypto is in a downtrend and has fallen for five consecutive weeks. This crypto is forming a bearish pattern on a multiple-time frame chart. Therefore, the price may decline more and is likely to test the yearly low.
The MACD curve slopes down and displays a negative crossover. It indicates the bearish momentum in the HT network crypto may continue for more sessions. Whereas, the RSI at 30 denotes oversold territory. So, the price may any time trigger a relief rally from the lows.
Conclusion
Huobi Token (HT) price is bearish for the short term. It may decline further and may test the yearly low. However, the token is near oversold territory. So, it might respect the $2.00 support and show a bounce.
Technical levels
- Resistance levels: $3.0051 and $3.3907
- Support levels: $2.2028 and $2.0001
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
