- The Houbi token price has lost its value by 13.79% in the last 24 hours.
- The trading volume of the token is showing high volatility.
Huobi Token (HT) is the native ERC-20 token of Huobi Global, a leading crypto exchange founded by Leon Li. HT facilitates fee payments across Huobi’s services and offers users discounts, access to events, and voting rights. Huobi also conducts buybacks and burns to potentially increase HT’s value over time.
The spot market cap of the token is $309.317 Million which is followed by a market cap ranking of #166. The volume/market cap ratio of the token is 4.76% and the trading volume has advanced by 68% in the last 24 hours.
As per CoinMarketCap, 96.06% of the token is held by whales, and the rest 3.94% of the supply is held by others. About 11 months ago, the token hit its all-time low price of $0.3138 and since then the price has advanced by 490%.
The sentiment of the crypto is bearish as per Coincodex and the supply inflation of the crypto is 5.79% which is pretty high. Also, the market cap dominance of the crypto is 0.02% and the volatility of the crypto is 12.52% which is considered very high.
Houbi Token Supply Overview
The total recorded transfers for the Houbi token is 685K and has 52.881K holders. The fully diluted market cap of the Huobi token is $948.236 Million and the total supply of the crypto is 203.98 Million HT.
Moreover, the max supply of the token is 500.0 Million HT and the circulating supply of the crypto is 162.233 Million HT followed by a circulating supply market cap of $295.372 Million.
HT Crypto Technical Analysis
The HT crypto price can be seen following a strong downtrend on the charts followed by the formation of the lower lows. The price of the token has been following the downtrend for a long time and is still bearish.
Looking at the most recent price action, the token price might face some rejection from the lower side at level of $1.40. If the price of the crypto breaks below this level, it might continue the decline to further lower levels.
HT/USD Chart by TradingView
The price of the HT crypto has declined below the crucial EMAs on the daily chart and the same is followed by multiple timeframes. The 20 and the 50-Day EMAs have formed a fresh bearish crossover while the 50 and the 200-Day EMAs are already trading in a death cross. The following behavior of the EMAs indicates a strong downtrend.
The MACD indicator is also reversing towards bearishness as the MACD line has declined below the zero level and strong bearish histograms are formed on the chart.
The RSI is trading at a level of 35.09 and has slipped below the 50 level very quickly from the overbought zones. The following behavior of the RSI represents a huge sell-off in the crypto.
Summary
Huobi Token has high supply inflation of 5.79% and high volatility at 12.52%, HT’s downtrend is followed by lower lows. Technical analysis reveals bearish indicators: MACD reversal, EMAs forming death crosses, and RSI plunging, suggesting further decline.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.