The Huobi Token price has jumped sharply in the past two straight days as investors cheer the company’s move from China to Singapore. The HT token is trading at $9.95, which is about 37% from its lowest level this month.
Huobi is one of the biggest cryptocurrency exchanges in the world. According to CoinMarketCap, the company transacts about $4 billion worth of cryptocurrencies every day. This makes it the fifth-biggest exchange after Binance, OKex, Upbit, and Coinbase. Like these other companies, Huobi enables people to buy and sell cryptocurrencies. It also enables them to trade cryptocurrency derivatives.
This week, Huobi Global announced that it had picked Singapore to be its regional headquarters. It will have another location for Europe. This announcement was because of the ongoing crackdown of cryptocurrencies in China. It has made it illegal for companies to offer services and for people to trade the coins.
Huobi Token is the native token for the Huobi ecosystem. Holders get rewards using the token. Also, they are able to get loyalty points for all their transactions. It is similar to OKexs OKB, FTX’s FTT, and Kucoin’s KCS.
Huobi Token price prediction
The daily chart shows that the HT price declined to the key support level at $7.40. This was a notable level since it was the lowest level on July 20th and in October. It then rebounded and is now trading at about $9.95. It has moved to the 50-day and 25-day moving average. It is slightly below the key resistance level at $11, which was the highest level on November 4th.
Therefore, there is a likelihood that the coin will rise to this resistance, which is about 15% above the current level. This view will be invalidated if the price drops below the key support at $8.50.