- HUOBI token price has been on a bullish trajectory for the past 3 days as it broke the important supply zone.
- The token price has formed a falling wedge pattern on a daily time frame.
- The pair of HUOBI/BTC is trading at the price level of 0.00020 with an increase of 2.34% in the past 24 hours.
The HUOBI token price, as per the price action, is super bullish as it broke the important supply zone. The HUOBI token price has formed a strong bullish candlestick pattern while breaking out of the supply zone. As a result, the token price can be seen trading above the supply zone for upcoming days. The token price before the breakout was in a strong bearish trend as it was making lower low and lower high formations as a result it formed a reversal falling wedge pattern. Moving upwards the token price can be seen resting at the breakout zone. At present, the token price has gone past the 50 and 100 Moving Average. Moving upwards the token price can be seen resting at these MAs. The token price has broken the upper band of the Bollinger band indicator after blocking off the lower band of the indicator. Volumes have increased as the token broke the supply zone. Therefore investors should remain cautious as the volatility is bound to increase in the upcoming days.
The HUOBI token price has formed a double bottom pattern on a 4-hour time frame
Average Directional Movement Index: ADX curve has turned upward as the token price broke the supply zone. Earlier the ADX curve slipped below the 20 mark as the token was falling continuously. As of now, the curve is steep and therefore some consolidation before another bullish move is bound to happen. As the ADX curve turned upwards the price structure also turned bullish.
Moving Average Convergence Divergence: MACD indicator is bullish as the token price gave a bullish breakout. The MACD indicator gave a positive crossover. The blue line crossed the orange line on the upside indicating a bullish momentum for the upcoming days. Once the token price again starts moving upwardthee MACD line can be seen widening supporting the trend.
Supertrend: The HUOBI token price is now in the consolidation phase after giving a strong big bullish candlestick breakout off the supply zone. The token price was in a strong downtrend before the breakout and was facing constant bearish pressure from the super trend sell line. Recently, during the breakout, the HUOBI token also broke the super trend sell line which triggered the super trend indicator to give a buy signal. Moving upward the HUOBI token price can be seen taking support at this super trend green line.
CONCLUSION: The HUOBI token price is in a strong bullish trajectory as the price action suggests. The technical parameters suggest the same. As a part of a strong bullish rally, the consolidation is bound to happen. Therefore investors should wait for a consolidation and breakout on either side and then act accordingly.
SUPPORT: $5.0 and $5.2
RESISTANCE: $6.0 and $6.2
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.