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Huobi Token pumps 77% in seven days, what’s behind the rally?

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  • HT price is showing its strength with the price up 77% even though the market is showing uncertainty.
  • HT bounces from the downside as price breaks through the descending triangle with strong buying volume.
  • HT price is showing bullish signals as the price is trading above 50 and 200 exponential moving average (EMA) in good size.

Huobi Token (HT) price action is a nice sight after successfully breaking out of its downtrend which saw Huobi Token (HT) price pivoting on the rope (USDT). Despite the current situation of the crypto market facing a new disadvantage as the price of Bitcoin (BTC) dropped from $19,000 to $18,100 as the Consumer Price Index (CPI) indicates increased inflation affecting the BTC price negatively with altcoins affected. HT has been one of the outstanding tokens in the current market operation that is showing a lot of strength. (data from Kucoin)

Huobi (HT) price analysis on the weekly chart

With the cryptocurrency market plummeting after the release of the CPI news, the market seemed to be manipulated, with Bitcoin (BTC) dropping from $19,200 to $18,200 in hours. The market recovered quickly as most cryptocurrencies started to show their strength, with HT rallying further after breaking out of its downtrend.

After dropping to $3.5 with what turned out to be a difficult year for HT and other crypto ventures, HT price rebounded from the downtrend movement as the price climbed to $7.9.

HT is currently trading at $7.6 as the price is facing resistance to break higher; HT needs to break the $8 resistance in order for the price to head towards the $10 high. With the current price action of HT price, we can see the price break this resistance zone with more buy orders. If HT price fails to breach this area, we can retest the support at $6.6 to stop the price selling.

Weekly HT price resistance – between 8 and 10 USD.

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HT Weekly Price Support – $6.6.

Huobi Token Price Analysis on the Daily (1D) Chart

HT | . daily price chart Source: HTUSDT On Tradingview.com

The daily time frame for HT price is looking good after successfully breaking out of the downtrend line and staying above the major support at $6.

HT fixed price above 50 and 200 Exponential Moving Averages (EMA); The $6 price, which corresponds to the 200 EMA, acts as a strong support for the HT price on the daily time frame.

An additional push by HT bulls could trigger a breakout of $8 and a rally as high as $10, serving as a strong price rejection area.

HT daily price resistance – $8 – $10.

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Daily price support for HT – $6.

Featured Image From Crypto Business, Charts From Tradingview 

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Cryptocurrency

Understanding Bitcoin Hash Rate Increase – Bitcoin Magazine

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This is an op-ed by Alex, a bitcoin miner with KapoMax.

It is important for individuals looking into bitcoin mining for the first time to understand the importance of adjusting the bitcoin difficulty as well as the impact this has on mining profitability. Many newcomers to bitcoin mining will consult an ASIC profitability on a mining calculator, and expect this profitability to remain relatively the same in the future. This is a misunderstanding as the profitability of any given machine tends to be downward over time. Difficulty increases must be understood before purchasing an ASIC.


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Bitcoin price targets extend to $19k as BTC jumps 4% from daily lows

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bitcoin (BTC) remained higher after buying $17,000 in liquidity on December 9 as traders targeted more upside.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin is trying to make a new monthly high

information from Cointelegraph Markets Pro And the TradingView BTC/USD shows cooling volatility once again after it reached $17,300 on Bitstamp.

husband was He started taking cash On Dec. 8, Wall Street opened this uptrend to see it challenge the one-month highs of Dec. 5.

For those who are already betting on continuing to go higher, the move came as no surprise, as the coast is still clear to add more gains.

Popular trader Credible Crypto summed it up: “The move to $18-19K BTC continues.”

Previous tweet from Dec 7 explained The rationale, with invalidation set at the $16,000 support.

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Part of the accompanying comments read:

“Maybe another push to 16.4-16.5k, then expect a back-up reversal and continuation of the 18-19k targets.”
Annotated BTC/USD chart. Source: Credible Crypto / Twitter

Meanwhile, fellow merchant Shades, eye Potential volatility continues, with BTC/USD marking the upper Bollinger band on the 4-hour timeframe.

At the time of writing, the four hour candles remain near the upper band, with both candles continuing to stretch in a classic lead to increase volatility.

BTC/USD 4-hour candlestick chart (Bitstamp) with Bollinger Bands. Source: TradingView

“Expect bitcoin to continue as long as we stay above $17,000,” Michael Van de Poppe, founder and CEO of trading firm Eight, said. addedlikening the nocturnal movement to the breakout from the end of November.

Liquidations are fueling Bitcoin’s price hike

Further analysis of BTC’s price movements overnight highlighted increased liquidation of short positions.

Related: Bitcoin 2022 Bears ‘Habitual’ Despite Missing Major Trend Line – Analyst

In a sign of how far market participants assumed further declines would enter, shorts on BTC totaled $7 million in one hour on Dec. 8, according to data from Coinglass. Altcoin short liquidations added another $11 million to the tally.

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“Liquidations have been relatively small since the crash in early November, but short liquidations have helped support that latest move,” Analytics Source On-Chain College has been confirmed.

BTC liquidation scheme. Source: Coinglass

The views, ideas and opinions expressed herein are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.