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HT Huobi Token Price Increases 11% – Is It Time To Buy Huobi?

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Huobi price was up 11% yesterday and down just 2% at the time of writing. Since it is a token that powers a cryptocurrency exchange, should you buy it? Or is it just another fluke luring you in with a false sense of security?

Huobi Token price action – It’s the second move in two days

Huobi appeared on Twitter about two days ago to introduce a new code, new vision, and a new name. By dropping the word “global” from its name, Huobi indicates that it will change a lot of things in the crypto space.

Its goal is to put together the pieces of trust FTX that crashed at the beginning of November.

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Coindesk’s revelation that Sam Bankman-Fried had backed Alameda Research through the FTX exchange’s native token came as a shock to many. Once Binance pulled out of the deal, that was the last straw. It also didn’t help that many major publications ignored this possibly the “biggest crypto disaster since Mt Gox”. They were quick to say, “This is happening,” and the crypto investment community took it as a crime.

After the price of FTT dropped from $22 to just over $1, the same fate followed for other cryptocurrencies that support a central exchange. The CRO fell to $0.056 before bouncing back, and Huobi Token (HT) fell nearly 50%.

The message from the cryptocurrency community has become clear – they don’t trust centralized exchanges that much anymore. Many took this as a sign of reclassification by firing 30% of its employees before Christmas. On the other hand, Hubei took a different stance. The name of the China-based cryptocurrency exchange was changed on November 21, 2022.

It happened two weeks after it was announced that About Capital, a Hong Kong-based management services company, would acquire Huobi Global. This news sent the price of HT up nearly 14% a week ago.

The reason behind Huobi Token’s recent rise

However, the reason behind the latest price move is something else. Huobi recently announced that it will be airdropping the digital token of the Caribbean island of Dominica.

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Huobi announced that this new “Dominica Coin,” or DMC, will soon be arriving for users on Huobi Prime.

For those uninformed, Huobi Prime is a token listing platform for high quality tokens. And with the announcement that the Dominica Token will soon be arriving on this platform, bulls have temporarily taken over the market.

DMC is a Tron-based cryptocurrency with support from the Government of Dominica. in that official speech, Huobi said that this listing is of utmost importance for the blockchain ecosystem as it is the first time that a country has officially authorized a token offering.

Huobi Token Price – Technical Analysis

The price chart shows that the Huobi token is accumulating around the $6.8 mark. The hourly candlestick charts indicate that the bears pull back every time the bulls are about to form a bullish engulfing pattern.

The candlestick chart also shows that the HT token has been floating above the 20-day moving average since November 25. As a result, the Huobi token price has increased by 40% since last week.

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What does this price action tell us about the future of this token? At the time of writing, Huobi Token was trying to find support at $6.7 (0.5 fib). If that happens, it will rise to retest $7.3 (0.38 Fibonacci). However, a significant development would have to occur for HT to rise to $10, which would require an upside of more than 50%.

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BNT/USD is trading near the $0.50 resistance

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The Bancor price prediction shows that BNT is crossing the 9-day and 21-day moving averages while the coin is taking off to the upside.

Bancor Prediction Statistics Data:

  • Bancor price now – $0.34
  • Bancor’s market capitalization is $55.8 million
  • The circulating supply of Bancor – 162.5 million
  • The total supply of Bancor – 162.5 million
  • Bancor Coinmarketcap Ranking – #287

BNT/USD market

Key levels:

Resistance levels: $300, $310, $320

Support levels: $130, $120, $110

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BNTUSD – daily chart

BNT / USD It is currently trading at $0.345 after touching a daily high of $0.490, and is likely to return above the 9-day and 21-day moving averages. However, in case the buyers can push the price above the $0.50 resistance level, then the daily candlestick may close above this level, and the price may rise towards the upper boundary of the channel.

Bancor Price Prediction: Bancor is preparing for an upward movement

According to the daily chart, the Bancor price It is moving near the $0.40 resistance level as the coin is preparing for additional gains. The technical indicator’s RSI (14) is also moving to cross above the 50 level, where the signal line is pointing up to signal a buy signal.

However, if buyers are able to push the price and hold it above the 9-day and 21-day moving averages, Bancor price could rise towards the upper boundary of the channel to reach the potential resistance levels at $0.50, $0.55, and $0.60. While crossing below the lower border of the channel, it could lift the currency to the support levels at $0.25, $0.20, and $0.15, respectively.

Against Bitcoin, Bancor is following a bullish rally, and it could swing higher to cross above the upper boundary of the channel that could identify the resistance at 2400 SAT and above. On the other hand, if the market price crosses the lower boundary of the channel, it may reach the support level of 1800 SAT and below.

BNTBTC – Daily Chart

However, the technical indicator’s RSI (14) is currently moving to cross above the 50 level as the signal line is pointing north to confirm the upward move. Moreover, any further upward movement may create additional gains above the channel.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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DYDX/USD could rise above $1.20

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Since the coin starts the upward movement towards the upside, the dYdX price forecast is likely to move steadily inside the channel.

dYdX prediction stats data:

  • DYDX price now – $1.10
  • DYDX market capitalization – $72.7 million
  • Circulating supply of DYDX – 65.5 million
  • Total supply of DYDX – 1 billion
  • DYDX Coinmarketcap Rank – #198

DYDX/USD Market

Key levels:

Resistance levels: $2.00, $2.20, $2.40

Support levels: $0.50, $0.30, $0.10

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DYDXUSD – daily chart

DYDX/USD is likely to cross above the 9-day and 21-day moving averages as the currency begins its upward movement. in the past few days, dYdX price Struggles to cross over to the positive side. According to the daily chart, the RSI (14) technical indicator moved to cross above the 40 level, confirming the bullish movement of the currency.

dYdX Price Prediction: DYDX is ready for an uptrend

the dYdX price It is currently moving north. If the currency continues its upward movement, the bulls may cross above the 9-day and 21-day moving averages, which could reach the resistance levels at $2.00, $2.20, and $2.40. At the time of writing, DYDX/USD is showing a slight bullish movement on the daily chart.

Conversely, if the coin slips below the lower boundary of the channel, it may bring the coin back to the $0.50, $0.30, and $0.10 support levels, respectively. Meanwhile, long-term buyers should not be alarmed by the small impact down the road, as the future of DYDX is assured as evidenced by the technical indicator’s RSI (14).

Against Bitcoin, dYdX price is hovering below its 9-day and 21-day moving averages as the coin is poised for an upward move. The technical indicator’s RSI (14) also confirms the upward movement as the signal line encounters the 40 level. On the contrary, a potential downside move could emerge if the market price crosses below the lower boundary of the channel, which could reach the support level 200 SAT and below.

DYDXBTC – Daily Chart

Meanwhile, any further bullish move above the moving averages could push the coin to the 1200 SAT resistance level and above, and this could take the coin to a new high, and the market could remain in the bullish zone.

But, Dash 2 Trading It gives you the ability to improve your trading and scalping profits with effective crypto trading recommendations, automated trading, and analytics features. There is a D2T token pre-sale going on and time is running out. The launch of the pre-sale dashboard is coming soon as the product developer is ahead of schedule. To date, the prequel has raised nearly $12 million.

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SBF to Enter Plea Deal, Mango Exploiter Arrested, Celsius News: Hodler’s Digest, Dec. 25-31

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