- HUOBI token price is hovering around the supply zone as it bounced off the long-term demand zone.
- The HUOBI token price is forming a rounding bottom pattern on a daily time frame.
- The pair of HUOBI/BTC is trading at the price level of 0.0004069 with an increase of 1.02% in the past 24 hours.
HUOBI token price, as per the price action, bounced off the demand zone, which has resulted in the token price starting to form higher high and higher low formations. As of now, the HUOBI token price is consolidating near the supply zone of $6.227. The HUOBI token price is in a bullish trajectory following the bullish momentum of the overall cryptocurrency market over the past 8-10 days.
HUOBI token price is forming an indecisive candlestick pattern at the supply zone. At present, the token price is trading below the 100 and 50 Moving Average. Going forward the token can face rejection of the 50 and 100 Moving Average. The token price has already crossed the 14 SMA and 50 Moving Average, indicating a bullish trend to continue.
HUOBI token price is currently trading at the upper band of the Bollinger band indicator. The token price tried to break out of the upper band but failed to do so. The HUOBI token price has bounced off the lower band of the Bollinger band indicator forming a strong bullish candlestick pattern. Volumes have increased as the token bounced off the lower band. As of now, the volumes have been normal therefore investors should wait for a proper confirmation of breakout or rejection of the supply zone and then act accordingly.
HUOBI Token price is forming a rounding bottom pattern on a daily time frame
Average Directional Movement Index: ADX curve has been on a downfall as the token continues to make a lower low and lower high formation on a higher time frame. The AVE token price has been falling as it faces continued rejection of the red trendline acting as a strong supply zone. This has resulted in the HUOBI token price forming a falling wedge pattern on a weekly time frame. As a result, the ADX curve has slipped below the mark of 15. As of now, the token is hovering around the supply zone. It remains to see if the token breaks the falling wedge reversal pattern or fails to do so.
Relative Strength Index: RSI curve is currently trading at the level of 48.86. The RSI curve has crossed the halfway mark of 50. As the token hovers around the supply zone, Once it gives a breakout of the supply zone the RSI curve can be seen rising higher supporting the token trend. As of now the token price has managed to sustain at the supply zone after bouncing off the demand zone.
Supertrend: HUOBI token price is forming higher high and higher low formation on an hourly time frame. As of now the token price has crossed the super trend sell signal line on a daily time frame and as a result the indicator triggered buys signal. Going forward, the super trend buys line can act as strong support for the HUOBI token price.
Cconclusion: HUOBI token price, as per the price action is trading at the supply zone on a daily time frame. As of now, the token is forming a bullish reversal pattern on a higher time frame. The technical parameter suggests the same. It remains to see if the token price breaks the rounding bottom pattern or again faces rejection off the trendline supply zone and falls.
Support: $4.0 and $4.910
Resistance: $6.210 and $7.250
