Huobi Global is a global leader in cryptocurrencies since 2013 with currently 369 crypto assets trading on its platform. It is fast, safe, and allows users to get leverage up to 5X in the spot trading of cryptocurrencies. Users can deposit, withdraw, and trade in digital currencies anytime, anywhere. Huobi Token (HT) is the prime governance token of this ecosystem.

Past Performance

On July 3, 2021, HT opened at $11.94. On July 5, 2021, HT closed at $10.18. Thus, in the past week, the HT price has declined by roughly 15%. In the last 24 hours, HT has traded between $9.60 – $10.24.

https://www.tradingview.com/x/WJEP6CMi/

Day-Ahead and Tomorrow

Currently, HT is trading at $10.03. The price has decreased from the day’s opening price of $10.601. Thus, the market seems bearish.

The MACD and signal lines are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may become positive soon. Thus, a trend reversal may be on the horizon.

Currently, the RSI indicator is at 54%. It faced rejection at 58% and fell to the current level. Hence, selling pressures are mounting. High selling activity will exert downward pressure on the HT price.

However, the OBV indicator has fallen steeply. Thus, selling volumes are higher than buying volumes. High selling activity will push the price further down.

In short, the RSI and OBV oscillators have given negative signals, whereas the MACD indicator has given positive signals. Thus, as of now, the overall market momentum is bearish. However, we have to wait and watch if intermittent price rises are market corrective action or signs of a trend reversal.

HT Technical Analysis

Currently, the price is below the first Fibonacci pivot resistance level of $10.25. It may soon fall below it and further below the Fibonacci pivot point of $10. If bears remain strong till day end, the price may further fall below the first, second, and third support levels of $9.76, $9.61, and $9.37, respectively.

The price has tested and fallen below the 76.4% FIB retracement level of $10.08. The price may further fall below the 61.8% FIB retracement level of $9.99 as well. Thus, as of now, the bears seem strong. In that case, the price may continue to be downtick tomorrow as well.