What Next After a 30% Jump in Huobi Price?

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Published 10 mins ago

Following the June end sell-off, the HT/USDT pair cushioned at the $4.3 mark, which supported the price for the past seven weeks. During this period, the technical chart revealed the formation of a descending triangle pattern and threatened further price fall. However, while the crypto market is making recovery efforts, the HT price gave a bullish breakout from this triangle on August 10th.

Key points 

  • Today’s candle closing is important for buyers to validate a potential rally in the near future.
  • A breakdown from $4.66 would indicate weakness in buyers’ commitment.
  • The intraday trading volume in the HT is $42 Million, indicating a 273% gain.

HT/USDTChartSource- –Tradingview

Amid the pattern breakout, fresh news that Huobi’s founder seeks to sell a 60% Stake triggered a significant price jump in the last 24 hours.

Anticipating the new shareholder will allow the exchange to gain more power and resources; the HT price surged 30% earlier today. The massive bullish engulfing candle breached the $4.66, $4.93, and $5.6 barriers in one strike.

However, the profit booking from short-term traders has reflected a long-wick rejection and pulled the altcoin to its current price of $5.29. Thus, coin traders should keep an eye on the daily candle closing, which would bolster further growth potential for HT price.

If the coin price gives a candle closing above the $4.93-$4.9 level, the buyers will obtain a suitable footing to sustain the higher price levels. Furthermore, a retracement to the $4.9 mark is plausible after the sudden price jump, which may offer an entry opportunity for sidelined buyers who missed today’s run-up.

Thus, if the altcoin shows sustainability above the aforementioned level, the post-retest rally may rechallenge the $5.6 resistance. A breakout from this level will extend the recovery to the next significant supply zone at $6.

Technical Indicators

EMAs: today’s price has reclaimed the 20-and-50-day EMA slope, offering an extra edge to coin buyers. Moreover, these breached EMAs are likely to flip to viable support levels.

RSI indicator: The daily-RSI slope surged into the overbought region, indicating the trader has overextended their buying in quite a short period. Thus, the momentum indicator supports a reversal to the $4.9 support level.

  • Resistance levels- $5.6 and $6
  • Support levels- $4.9 and $4.66

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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