The Huobi Token price is making hard work of its receovery. Furthermore, Bitcoins recent reversal could soon spillover into HT.
Huobi Token is last trading at $10.31, down $0.47 (-4.40%)
As predicted in my June 20th report, the Huobi token suffered a steep decline after breaking below its 2021 uptrend. When HT traded below $11.75 on the 21st of June, it set the wheels in motion for a 30% decline in the following 2 days.
The Huobi token price dropped to $8.90 on the 23rd, and over the last 7 days, it has mirrored the broader market and staged somewhat of a recovery. However, the rally has failed to maintain its momentum, and HT is pulling back from Tuesday’s $11.32 high.
Furthermore, the Huobi exchange has barred users from mainland china from using its derivatives products. This follows China’s latest crackdown on cryptocurrency mining and trading.
HT Technical outlook
The daily chart illustrates HT’s sluggish price performance over the last two days. The bounce from $8.90 could not reclaim the important trend line at $12.30 that underpinned the rally at the start of the year. A horizontal line from the 28th of February low of $12.55 further reinforces the strength of this trend line resistance.
Additionally, the 50-day moving average at $15.95 has now completed a bearish crossover of the 100-day at $18.05.
Furthermore, Bitcoin’s failure to hold above $36,500 has resulted in losing more than $3,300 (9.27%) in the last 72 hours. This will no doubt douse any remaining flames in the HT rally.
The outlook will remain negative unless HT recovers the 2021 trend. Although, given the current backdrop, that is unlikely for the moment.
Don’t miss a beat! Follow us on Telegram and Twitter.
Huobi Token price chart
Follow Elliott on Twitter.