Huobi Price Analysis: Can The Potential Fakeout Plunge HT Back to $4.3

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Published 10 mins ago

On July 12th, the Huobi (HT) price showcased its second reversal from the $3.4 low, validating it as legitimate support. The follow-up recovery displayed nine consecutive green candles and surged 12.3%. Furthermore, amid this recovery, the buyers gave a bullish breakout from the $4.7 neckline of the double bottom pattern.


Key points: 

  • The post-retest rally may surge HT price by 6%
  • The 20-day EMA flipped support bolster buyers to sustain $4.7
  • The intraday trading volume in Huobi is $26.9 Million, indicating a 16.8% gain.


Source- Tradingview

In response to last month’s uncertainty in the crypto market, the HT/USDT pair shaped into a double bottom pattern under the neckline resistance of $4.74. This bullish continuation pattern theory offers a direction rally after a period of consolidation.

Thus, on July 18th, with a significant pump in volume, the HT price breached the $4.7 neckline. However, Since then, the altcoin has been struggling in a retest phase, finding it difficult to sustain above the breached resistance.

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Over the past two days, the HT price has gained roughly 2%, where the high-wick rejection attached to them indicates the buyers feel exhausted. Thus, if the selling pressure persists, the sellers may pull the coin price below $4.7.

Furthermore, the daily candlestick closing below the mentioned support would invalidate the bullish pattern and may dump the coin price back to $4.31.

On a contrary note, if buyers managed to sustain above $4.7 support, the technical setup indicates the HT price may rise above the $5.1 resistance.

 Technical Indicator

Bollinger Band indicator: the recent price jumps to hit the indicator’s upper band indicate aggressive buying from traders. However, a retest to this overhead resistance usually bolsters a minor retracement.


RSI indicator: The RSI slope wavering around the neutral line indicates neutral bias. However, facing a minor bearish divergence, the indicator value below the midline suggests the sellers currently possess an upper hand.

  • Resistance levels: $5.1 and $5.6
  • Support levels: $4.74 and $4.3

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at)


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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