Huobi Token (HT) Could Inflict a Trend Reversal Above This Downtrend Line

The Huobi exchange has experienced a lot of FUD over the past year, which has harmed the exchange’s users. These cases have contributed to a few downturns in trading sessions for HT.

Huobi, the company’s native cryptocurrency, Huobi Token (HT), was somewhat impacted by the 24-hour price chart. According to Huobi Token, a downward trend has dominated the charts for the last 24 hours. The coin is currently trading at $5.07, up 1.91% in the last day, even though its price has dropped considerably. Recent trading session declines have fueled the bear bite in the HNT market, supporting this bearish trend.

The trading volume has decreased throughout the day due to the bearish momentum. It is now worth $10,975,575, down 1,54 percent, and the market capitalization of HT is now $825,491,061, down 1.02%.

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Following an already developing bearish trend, the HT price analysis predicts a dramatic price drop. As the bulls are slow, the rising bearish momentum is expected to be visible in the short term. A few hours before the price decrease in today’s trading, the bulls were still in charge of the market.

If the bears maintain their momentum, HT/USD may drop as low as $5.05 in the near term. HT/USD, however, may rise to $6 soon if the bull can maintain enough pressure.

Like the other altcoins, HT saw a rise at the start of the year. It was crossing a downtrend line and trading at $5.07 at the time of writing. Bulls may have more sway if there is a confirmed closure above the downtrend line. If the bulls continue to exert pressure, HT may move upward in the ensuing days to establish an ascending trend pattern.

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Following a significant gain between November 21 and November 25, 2022, HT entered a downtrend, which has continued as of this writing. Mid-December, 2022 to early January 2023, saw a multi-week price consolidation for HT, which traded in the $5.0463 to $5.4595 range.

The $4.6110 support backed the token when it broke below the range. If the price moves back up from this support and turns the downtrend line into support, it could signal a trend change.

The Bollinger bands are advancing closer to one another, indicating a recent bullish trend. The RSI is currently at 47.55, indicating that the stock has room to rise since it is neither overbought nor oversold.

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Despite the adverse momentum, the market is optimistic about HT, and it appears that the currency will climb more shortly. Given that a trend reversal is anticipated, an upswing will likely take place. The positive trend line is now supporting prices, and HT may rise further if the bulls can maintain control of the market.

What Is Huobi Token (HT)?

The native token of the Singapore-based cryptocurrency exchange Huobi is called Huobi Token (HT). After China’s 2017 Bitcoin trading ban, Huobi initially started operations in China before eventually expanding overseas to Singapore, South Korea, and Japan. It is currently one of the most well-liked cryptocurrency exchanges on the planet.

The Huobi Group created its own blockchain in 2018, appropriately titled Huobi Chain. The network supported over-the-counter (OTC) trading and derivatives/futures trading and disseminated its exchange ledger. The Huobi Token connects all of these services.

The token’s primary purpose is to lower exchange trading commissions, which are often paid out of users’ wallets. The token, however, has a lot more to offer. Users can purchase monthly VIP-status plans on HT to lower transaction costs. Owners of tokens can cast a vote on exchange decisions, are eligible to win cryptocurrency prizes for seasonal buybacks, and get first access to exclusive events. Owners of HT may exchange their tokens for other cryptocurrencies at any time.

Who Are the Founders of Huobi Token?

Huobi Group was started by Leon Li, who also serves as CEO. 2011 saw him become an advocate for Bitcoin after receiving his degree in automation from Tsinghua University. The largest database supplier in the world and where Li started his career, Oracle, was as a computer engineer. In 2013, he launched Huobi Group, took over the reins of management, and grew the business into a major participant in the world of financial services for digital assets.

Co-founding Huobi is Jun Du. He formerly held the position of community operations director at Comsenz and a job at Tencent before joining Huobi. Du is also co-CEO of BiKi.com, the founder of Jinse, a blockchain service platform integrating market data, industry news, and information, and the CEO of Node Capital, a venture capital firm focused on the blockchain business (a software provider for digital currency trading). Last but not least, he co-founded companies, including Chainup and AToken.

Herbert Rafael Sim, the creator of Crypto Chain University, joined the Huobi Group team in 2018. Sim has a remarkable resume and has helped Forbes, The Huffington Post, and Wardrobe Trends Fashion flourish. Sim is in charge of public relations and oversees digital marketing at Huobi.

What Makes Huobi Token (HT) Unique?

There are two primary uses for the Huobi Token. First, the Huobi exchange utilizes HT for its loyalty program, which offers discounts to members. Additionally, the business has chosen to provide Huobi Autonomous Digital Asset Exchange users voting rights through HT tokens (HADAX).

Huobi has tried to maintain HT’s value at a level that will allow it to perform these tasks. The corporation sets aside 20% of income for a token repurchase scheme to control inflation.

Due to the token’s widespread use, holders of HT tokens can benefit from several things, including:

They have decreased transaction costs. Customers with VIP memberships are eligible for several discounts from the Huobi exchange. Investors and traders can save a sizable sum on commissions by choosing this option.

A practical method of exchange. The exchange tries to make it as simple and convenient as possible to swap Huobi Tokens, and it supports the asset by including it in trading pairs with various well-known cryptocurrencies.

Advertising for new tokens Each time a new cryptocurrency asset is listed, HT holders receive coins, and they may also get a wallet bonus.

Program for Investor Protection. To make up for any financial losses, the exchange transfers the tokens it has purchased to an investor protection fund.

Involvement in decision-making Owners of HT tokens can vote, which impacts how the Huobi exchange and its ecosystem as a whole develop.