On May 2, Huobi Token (HT), a decentralized digital asset based on Ethereum (ETH), recorded a high of $29.54.
For the past week, its performance has been outstanding and has seen a 53.32% rise. Since the start of 2021, Huobi has seen its native token grow by an impressive 825%, and in reaching the price of $29.54 from starting at $4.28, it attained a return rate of 5,900%.
CoinMarketCap ranks Huobi Token as the 34th largest digital asset with a market capitalization of over $5 billion. It also has a limited total supply as Huobi Group only issued 500 million of it.
HT price at a glance
Huobi Token’s record-high $29.54 surpassed its previous high of $26.89, attained on May 1. But after it hit the all-time-high, the digital asset’s price experienced strong selling resistance.
Speaking from a trading volume perspective, the volume at the time of its all-time high was almost the same as the trading volume on the day before, indicating that there were many tied-up altcoins that were being sold.
Meanwhile, the bears are unsuccessful despite exerting effort to pull the price below the breakout level of almost $27 to trap the aggressive bulls. The Huobi Token (HT) ended up trading at almost $28.
What’s next for the digital asset?
If the bulls successfully defend the $26.89 support level, it will indicate that every time there is a small decline, it results in a strong buying trend.
This means that it will only be a matter of time before Huobi Token (HT) surpasses its all-time high again. If this happens, it will be an indicator that the altcoin won’t encounter strong selling pressure on its way up, and it’s likely to break through $35.
On the other hand, if a large number of sell orders are triggered, HT’s price will fall below $26.89 for three days, and HT/USDT will test the 20-day Exponential Moving Average (EMA) of $21.24. If a break below this point occurs, it might indicate a deeper correction for the token.
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