This article will analyze the HUOBI token according to coinmarketcap data. First, we will discuss the HuoBI token and its projects and make a technical and graphic analysis. The analysis we will do in the weekly period will help the investors to take risks and manage their portfolios.
What is HUOBI Token?
Huobi Token (HT) is a cryptocurrency on the Ethereum blockchain. It is the native token of the Huobi crypto exchange, one of the largest exchanges in the world by trading volume. The primary purpose of HT is to provide users with access to various benefits and services on the Huobi exchange, such as discounts on trading fees, access to exclusive events, and voting rights for specific decisions made by the exchange.
What are the projects of HUOBI?
Huobi has launched several projects related to HT, including:
Huobi Prime: a platform for premium token listing and trading where users can purchase newly listed tokens with HT.
Huobi Wallet: a mobile wallet that supports multiple cryptocurrencies, including HT.
Huobi Global Ecosystem Fund: a fund dedicated to investing in promising blockchain projects and supporting the development of the Huobi ecosystem.
Factors Influencing HUOBI Price
There are several factors that can influence the price of HT, including:
Market demand: Like any other cryptocurrency, the price of HT is determined by market demand and supply. If there is more demand for HT than supply, the price will increase, and vice versa.
Huobi’s performance: The performance of the Huobi exchange can also impact the price of HT. If the exchange performs well and attracts more users, it could increase demand for HT and its cost.
Cryptocurrency market trends: The overall trends in the cryptocurrency market can also influence the price of HT. For example, if there is a bullish trend in the market, it could positively impact the cost of HT.
Regulatory changes: Any changes in regulatory policies that affect the cryptocurrency industry can also impact the price of HT, as it could affect the demand and supply of the token.
HUOBI TOKEN TECHNICAL ANALYSIS
After seeing the peak value of $ 39.90 in May 2021, HUOBI, which entered a downtrend, lost approximately 95% of its value until March 2023 and regressed to $ 1.88 but never closed at these levels. It is currently trading at $3.6196. According to coinmarketcap data, HUOBI, which has a size of $588,711,615, has had a volume of $7,090,493 in the last twenty-four hours.
HUOBI Chart Analysis
HUOBI, which entered a downtrend after seeing the peak value of $39.90 in May 2021, still has not broken this downtrend. HOIBI has lost 95% of its value and regressed to $ 1.88, and has just made a weekly close below $ 3.5384. Examining the HUOBI chart, the initial targets on the upside are $4,3045 and $6,8490, respectively, as it stays above the horizontal support at $3,5384. If it closes weekly below $3.5384, we may experience pullbacks up to $1.8822.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research when deciding. This article does not include investment advice or suggestions. Every investment and trading move involves risk, and readers should perform their analysis when determining.
