Huobi Tokenthe original token of the centralized exchange Huobi, has witnessed a huge surge that seemed to go against the general bearish trend of the market.

LunarCrush statistics also showed that the number of social engagements increased by 1.273% to 4.63 million, while the number of social mentions increased by more than 800% this week.

CoinMarketCap’s report showed that the value of the Huobi token has increased by more than 10% in the last 24 hours, while the market cap has also increased by more than 10%.

Some possible triggers

While the specific cause of the latest upswing remains unclear, its genesis can be traced to recent events in the Huobi ecosystem. Huobi founder Leon Li Lin recently sold his shares to About Capital, a Hong Kong-based wealth management firm, and the deal came with the promise of further investment in the stock market.

Huobic will receive a substantial infusion of funds into its margin and risk provisioning fund as a result of the deal and will have access to a global strategic advisory board composed of prominent personalities in the industry.

Sequel to the sale and plan to gather strategic and influential individuals in the crypto space, the hired exchange Justin Sun and others advisors with the aim of increasing the value of the token. As a result of these changes, investors began to allocate more capital to the utility token used by the exchange. The recent surge can be attributed to other investors getting into the hype to make a profit.

The rise in HT continues

HT’s live price movement on a daily timeframe, at the time of writing, showed the asset was up over 14%. It opened at $6.25 and traded at over $7.

During the same period, the Bollinger Band showed a significant stretch, indicating that the asset was experiencing significant volatility.

The token was up almost 99% from the last support level shown on the chart, according to a look at the price range.

As the price continued to rise, it had broken through the resistance zone between $5.43 and $5.85. The RSI line was in overbought territory. This suggested a bullish trend, but also that a correction could be imminent.

Source: TradingView

The yellow and blue lines, representing the short and long moving averages (MA) respectively, showed that the price had surpassed both.

Despite the uptrend being visible, the short MA could be observed below the long MA, indicating a less than stellar price increase.

However, a review of the 12-hour time frame found that the short MA nearly crossed the long MA, suggesting a stronger bull run.

Source: TradingView

There seems to be an impending correction based on the current trend. However, if investors are still eager to buy, the current phase can present a good buying opportunity, especially when considering the 12-hour MA.

Further upward movement is expected once the short MA crosses the long MA, and investors should watch out for the death cross.

This post Huobi token holders will be happy with this update

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