Huobi Price Analysis: Reversal from $4.3 Support Aims 8% Jump in HT

The $4.3 support stalled the last weekend’s sell-off indicates the traders are actively accumulating at this level. Today, the republished bullish momentum attempts to raise the Huobi (HT) price higher, targeting the overhead resistance of $4.78. However, can buyers undermine the surpass this supply region?

Key points 

• A bullish reversal from the $4.3 could surge the HT price above $4.7.
• A breakdown from $4.3 support would invalidate the bullish thesis
• The intraday trading volume in the HT is $27 Million, indicating a 5.87% gain

 Source- –Tradingview

 On June 7th, the HT price showed a failed attempt to sustain above the breached resistance of $7.22. This fakeout triggered a significant sell-off and plugged the altcoin 41% down to the $4.3 mark.

However, the technical chart shows the decreasing spread in this downtrend cycle, indicating the losing bearish momentum. Furthermore, the recent relief rally turned down from the $4.78 mark and plunged back to $4.3.

Moreover, over the past four days, the HT price hovering above the $4.3 mark validates it as legitimate support. Today, the altcoin is by 2% and rebounds from this bottom support.

The potential rally may propel the HT price 8.2% higher to rechallenge the overhead resistance of $4.78.

On a contrary note, if the selling pressure persists, the altcoin may slice through the $4.3 support, indicating the continuation of the prevailing downfall.

Technical Indicators

Bollinger Band indictor: the downsloping indicator bands reflect an overall downtrend in HT price. Moreover, the price action trading below the midline since June’s second week indicates aggressive selling from traders.

RSI indicator: contrary to the lower low formation in price action, the daily-RSI slope trending higher indicates rising bullish momentum. Such absolute divergence supported the bullish theory mentioned above.

• Resistance levels- $4.78 and $5.6
• Support levels- $4.3 and $3.87