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Vikram
Mar 25, 2022
by Vikram

HT Technical Analysis: Reversal Awaits At $8.75 Support Zone

HT
HT coin price action forms a descending triangle under the sellers-driven trendline influence. However, the $8.75 base holds a reversal possibility.

Key technical points:

  • HT coin price fails to surpass the $9 mark.

  • The recent retracement of 1.37% forms a bearish engulfing candlestick.

  • Finally, the 24-hour trading volume of Huobi Token is $26 Million, marking a 3.93% fall. 

    • Past Performance of HT

    HT coin price shows a highly bearish resistance trendline in motion, pushing multiple bullish attempts back at the $8.75 support zone. The trapped price range creates a descending triangle pattern with the $8.75 zone acting as the monthly support. The recent premature retracement to the support zone comes after the bullish failure to rise above the $9 mark.  

    TradingView Chart

    HT Technical Analysis 

    HT coin price shows a higher price rejection near the resistance trendline, and the recent reversal shows multiple Doji formations before the bearish engulfing formation. Hence, the retracement shows signs of increased selling pressure.

    The crucial EMAs (50, 100, and 200) project a bearish alignment while providing a constant dynamic barrier. Hence, the EMAs act as high selling pressure areas and promote the bearish breakout ideology.

    RSI Indicator: The RSI slope shows a sharp fall after struggling to rise above the 50% mark. Furthermore, there is no clear indication of bullish divergence in the last two dips, but an evident split is present compared with the fall on 24th March.

    MACD Indicator: The MACD and signal lines reflect a surge in bearish powers resulting in a negative crossover below zero. It ends the bullish MACD histograms, and we can potentially observe a bearish histogram by tomorrow.

    In short, the HT technical analysis presents a selling opportunity if the support zone collapses. 

    Upcoming Trend 

    HT coin price might find demand near the $8.75 support zone as it has kept the prices floating for a few months. However, the increasing bearish influence of the resistance trendline projects a likely fallout. Hence, the fallout opportunity will provide an excellent opportunity with a potential downfall move to $7.

    Considering the trendline breakout opportunity, an upside move to $10 is possible, but the rally might not be able to withstand the selling pressure. 

    Support Levels: $8 and $7

    Resistance Levels: $9.5 and $10

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    Huobi Token HT
    HT Technical Analysis: Reversal Awaits At $8.75 Support Zone
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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