The Huobi token price prediction is still bullish, but the coin is now facing a major resistance at $7.85, which may cause a bearish correction. Huobi token (HT) has extended its winning streak and reached an intra-day high above $7.78 after Tron network developer Justin Sun revealed his new role as an advisor to the Huobi exchange.
I am very honored to be appointed as a member of the Global Advisory Board of @HuobiGlobal and work with industry, academic, and policy leaders to help guide and grow this innovative, vibrant, and resilient organization in its latest chapter of global expansion. Full sail ahead. https://t.co/txZspJaV4Q
— H.E. Justin Sun (@justinsuntron) October 9, 2022
On January 1st, the token was worth $9.37. However, the reason for its recent uptick could be linked to recent reports claiming that Justin Sun, the creator of the Tron network, has announced his new role as an advisor to the Huobi exchange.
The price of HT, the native token of the Huobi cryptocurrency exchange, increased over 79% in the last week, almost recovering all losses since the start of the year. Moreover, the coin price has risen by 63% in the last 30 days.
Justin Sun Owns Tens of Millions of Huobi Token
Sun has declared that he owns “tens of millions” of its tokens. Given that Justin Sun appears to be one of the largest holders of Huobi’s native token, the price of Huobi Token (HT) has risen significantly in the last week. Furthermore, the recovering cryptocurrency market was viewed as a key factor in keeping Huobi Token (HT) prices high.
Tron founder Justin Sun said he owns “tens of millions” of Huobi Tokens and that he intends to try and boost the latter now that he’s an adviser to its linked crypto exchange https://t.co/IsyyDGxXMH
— Bloomberg Crypto (@crypto) October 14, 2022
Huobi Token Price & Tokenomics
HT is currently trading at $7.4 with a 24-hour trading volume of $42 million. Huobi Token has decreased by 4.77% in the last 24 hours and increased by over 13% in the last seven days.
HT Price & Tokenomics – Source: coinmarketcap
CoinMarketCap currently ranks #46 with a live market cap of $1.1 billion. There are 153,357,694 HT coins in circulation, with a maximum supply of 500,000,000 HT coins.
Recovering Crypto Market
The global cryptocurrency market began the day on a positive note and is still flashing green as of early Wednesday morning, standing at $936.88 billion. This was confirmed when Bitcoin (BTC), the world’s largest cryptocurrency, managed to stay above $19,000. In fact, all other cryptocurrencies had a positive start to the day.
This week, several well-known cryptocurrencies saw marginal gains, including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), and Ripple (XRP). Hence, market optimism drove Huobi Token (HT), a lesser-known cryptocurrency, to a nearly 13% increase this week.
Bearish US Dollar
Huobi Token (HT) prices rose even further, helped by a weaker US dollar. The broad-based US dollar lost momentum and fell dramatically on Tuesday as investor confidence rose in the aftermath of the UK’s spectacular U-turn on the tax-cutting mini-budget that had roiled international markets. The UK reversed its policy measures after IMF criticized the UK tax cuts and fiscal policy.
The IMF criticised the UK’s package of tax cuts and other steps as “untargeted” and said the measures are likely to increase inequality https://t.co/lfc4vWZjCG
— Bloomberg UK (@BloombergUK) September 27, 2022
The US dollar index, which compares the greenback to six major currencies, including sterling, fell to levels not seen in nearly two weeks.
Huobi Token Price Prediction
Huobi price is facing a major resistance near the $7.85 level, which has previously served as triple bottom support, as shown in the chart above. The HT/USDT has formed doji and spinning top candles below $7.75, which are likely to weaken the upward trend and may signal a bearish retracement.
Huobi Price Chart – Source: Tradingview
On the downside, HT could complete a 38.2% Fibonacci retracement at $6.65, while a further breakout could send it lower to $5.55, a 61.8% Fibo level. Investors may consider selling if the price falls below $7.85, and vice versa.
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This article was written for Business 2 Community by Arslan Butt.
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