Huobi-Token (HT) Price Analysis: Will Bulls Provide Support to HT Price?
The HT price is currently trading at $3.62 while seeing a change of -27% in 24-hour trading volume. The price of HT has been observing an increase of 0.30% in the last 24 hours. Bears have a firm grip over the HT price.
The HT price is trading within volatile conditions. The majority of HT price candles are making long wicks and short bodies, whereas, in normal market conditions, the price makes short wicks and long bodies. The wicks of candles are created when there is a sharp fluctuation in the price, indicating rapid buying and selling activity.
Recently, the price broke its uptrend with strength near early March. The price broke the trend with one extremely bearish red candle on the Daily timeframe. The candle itself was about 57% long through the price gained buyers support near $3.500. The long wick of the candle before consolidation indicates rapid buying activity.
HT price trading on a bear trend
Source: HT/USDT by TradingView
Presently, the HT price has been consolidating within a consolidation range, indicating the struggle between buyers and sellers for the direction of future trends. Though as the consolidation is being formed under all the 20/50/100/200 key indicators, the price has many resistance levels to cross to make a bullish. Hence, the path of least resistance for HT price is bearish on the Daily Timeframe.
Technical Analysis
Source: HT/USDT by TradingView
After taking reversal from the demand zone, the RSI line is attempting to cross above its 14 SMA and Median line. Presently, the value of the RSI is 48.03 points. It is above the 14 SMA, which is at 45.86 points. The RSI line is giving bullish indications regarding the ongoing trend, and the median line can provide slight resistance to it.
The stochastic RSI is also following the RSI’s lead by taking a reversal from the demand zone. The %K and %D lines have already given a positive interception near 10.00 RSI points. Although the majority of technical indicators are giving a bearish indication, the Stochastic is moving on a positive trend.
Conclusion
The price of HT is trading under a consolidation while its movements are choppy and volatile on the overall trend. The price is facing severe resistance from the key EMA levels and Simple Moving Averages also favor the bears. The RSI line is facing resistance from the median line. Though in contrast to the majority of technical indicators, stochastic is moving on a bullish trend.
The major trend of the Huobi price is bearish, however, it can take a bullish retest before continuing the trend.
Technical levels –
Support – $3.483
Resistance – $4.883
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.