HT Technical Analysis: Price Below the Second Fibonacci Pivot Point of $13.13, a Big Resistance Point

HT is a native currency of Huobi Crypto Exchange, it was launched to offer discounts to customers. The Huobi Token can be used to purchase monthly VIP status plans and get a discount on fees. VIP status holders have a voting right on exchange decisions and get seasonal cashback in the form of cryptocurrencies. Let us look at the technical analysis of HT.

Past Performance

On September 15, 2021, HT opened at $14.53. On September 21, 2021, HT closed at $11.38. Thus, in the past week, HT tanked by approximately 24.22%. Whereas in the last 24 hours, HT has traded between $14.22-$15.60.

HT Technical Analysis

Currently, HT is trading at $11.95. The price has decreased from the day’s opening price. Thus, the market seems bearish.

The MACD and signal lines have entered the negative zone. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, the price may decline further.

Currently, the RSI indicator is at 40.2%. It faced rejection at 31% and came back to this level. Thus, buying pressures are slowly mounting. We have to wait and watch if buying pressures become strong enough to bring about a bearish trend reversal.

When we look at both the oscillators, we can say that the price may continue to fall. However, we cannot rule out the possibility of a trend reversal. We have to wait and watch if an intermittent price rise is a corrective action or the beginning of a positive trend.

Day-Ahead and Tomorrow

Currently, the HT price is below the second Fibonacci pivot point of $13.13. The $13.13 level is a great resistance level. If the bulls remain strong till day end, then the price is likely to rise above and highlight the first, second, and third resistance levels of $14.0, $14.82, and $15.42, respectively.

In previous trading sessions, the price has tested and fallen below the 23.6% FIB retracement level of $14.82. It may soon retest the 23.6% FIB retracement level of $17.13. Thereafter, we have to wait and watch if the price breaks out of these levels. In that case, the price upswing is likely to continue tomorrow as well.

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