Search Inside Bitcoins

HT Price Prediction – Can Huobi’s HT Continue to Buck the Bear Market Trend?

HT price chart
HT price chart

Join Our Telegram channel to stay up to date on breaking news coverage

HT price chart

Huobi Global’s Huobi Token (HT) price has climbed an impressive 10.5% so far Nov. 29, capping off seven days of stellar performance, according to CoinMarketCap data. HT was last trading at $6.97, and the 24-hour trading volume was at $31.6 million. The performance sees HT regain strength after the November market-wide selloff instigated by the FTX debacle.

HT Price Prediction: Technical Analysis

The broad crypto market remains depressed despite some modest gains today in a cautious market rally, with Bitcoin up 1.62% and Ethereum up 3.65% today. Meanwhile, HT is up 46% from a week ago, despite shedding some of these gains in the past three days.

Even more impressive is the buying pressure that continues to support the token, which resulted in a fresh rally today, helping it hold strong above the 12-day EMA support level of $6.22. The RSI further indicates the token has sufficient strength to exit an almost 11-month-long bearish trend. Most of the buying pressure, according to the MACD, flowed in during the early and late days of the month.

The most critical turning point for the token was when it broke above the 12-day EMA in late October. Interestingly, the broader crypto market, led by Bitcoin and Ethereum, was in a serious downturn at that time fueled by the news of FTX going under.

The weekly candle is now testing the MA200 at $6.78. If the token climbs above this level and maintains momentum above the resistance the bulls will maintain control of the price in the near term pending any market-wide selloff events.

HT Fundamental Analysis

Part of the reason for HT gaining while the majors suffered could be that investors are running for the safety of liquid exchanges. For example, Binance Coin is up 3.12% in the past six months, and HT is up 51.93% in the past three months. In short, Huobi Global seems to be benefiting from the collapse of one of its major competitors.

Perhaps the most critical support for HT’s price comes from other recent developments that have excited the market, however. First, Huobi Global revealed its strong financial position in its asset transparency report published on Nov. 12.

According to the report, the exchange holds 191.84 million HT (worth about $900 million when the report came out), $820 million USDT, 9.7 billion TRX, 32,000 BTC, 274,000 ETH, and a significant number of other altcoins, including DOGE and BCH. Altogether, the holding amounted to $3.5 billion in value. Given that the revelation came on the heels of FTX’s implosion, investors must have seen the stark contrast as a hopeful sign of stability for Huobi.

Secondly, the market was thrown into excitement on Nov. 25 when Colin Wu, a notable crypto journalist, tweeted about a possible Huobi Global-Poloniex merger. Although Huobi rejected the rumors, the story may have moved some investors toward HT, leading to the token gaining 8.6% the following day.

Finally, an announcement today, Nov. 29 from Tron founder Justin Sun noted that Huobi Prime will be used by the Dominica government to issue Dominica’s national token, Dominica Coin (DMC), and its Digital Identity (DID) token, which will grant holders “digital citizenship” of the country.

Alternative Crypto Investment for Bear Market

Although Huobi’s HT may seem like an attractive option for investors looking to make some quick gains in a bear market, it’s still advisable not to jump full-on into high market cap assets that have seen rapid runups in their price or to put all your eggs in one basket.

Instead, it could be wise to spread your investment portfolio over a variety of cryptocurrencies, including some that are still relatively new and have yet to realize their full potential. Lucky Block (LBLOCK) is one such option.

Lucky Block’s new crypto casino and sportsbook will be a game-changer both for online gambling as well as for the value of the LBLOCK token. Not only will its expanding games and features help drive up demand for LBLOCK, but they could also bring in more users and create more liquidity in the market.

For investors looking for an alternative asset they can invest in during this bear market, LBLOCK looks like a great option at this point in time. Users can play a variety of games at Lucky Block, including slots, blackjack, and roulette, as well as bet on their favorite teams in the sportsbook. Plus, with no deposit or withdrawal fees to worry about and generous cashback offers, LBLOCK is poised to become a popular online gambling destination.

Visit Lucky Block Now

Join Our Telegram channel to stay up to date on breaking news coverage

Read next

X

FightOut Presale - Earn Crypto for Working Out

FightOut Presale - Earn Crypto for Working Out

FightOut Presale - Earn Crypto for Working Out

X