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.

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.

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.

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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