Urgent: A cheap digital currency is rising like a rocket… on the cusp of a billion By Investing.com



Investing.com – News of a new acquisition in the cryptocurrency market pushed this promising currency to sweep the crypto market on Wednesday, amid the recession gripping the largest…

Along with the establishment of the advisory board, the acquisition instilled new confidence in Huobi token traders, as Abbott Capital acquired the Huobi token issuer while announcing a new revival and development plan.

revival plan

Huobi has also been negatively affected by the Chinese ban on virtual currencies as the company’s chief operating officer, Robin Zhu, is under investigation in China for unspecified reasons.

As a result, About Capital decided to acquire the business on October 8 of this year. Several days later, the company announced its decision to create an advisory board of five participants.

The original Huobi token rose after a tweet from Justin Sun, founder of Tron, who has laid out plans to revive the company.

During these moments, the Huobi token is trading at 6.62, up 61% in the past seven days, according to data from Coingecko on Wednesday.

price evolution

Huobi token is up nearly 30% in the last 24 hours as HT sees plans for a revival to top the crypto market’s gains during Wednesday’s trading.

Prior to the release of the latest recovery plan, HT price was swinging near the $4.3395 support level, which has shown strength over the past few months.

This support level effectively pared the market decline from May to June, which saw many cryptocurrencies falter.

In August, the coin increased by 31% in three days, from August 15 to August 19, the coin fell by about 21.57% in the following month as the coin took a bearish trend that temporarily broke the $4.3395 support.

imminent correction

According to analysts, long-term token holders will inevitably sell their holdings at a profit during major rallies like the current HT, while the token’s RSI has reached overbought territory, which will send strong sell signals to investors and traders.

If the pullback occurs within the next few days, the bulls should defend the 50 Fibonacci level, as any breakout by the bears will increase selling pressure on the token.

Investors can also consider Bollinger bands, the upper part of the indicator is now supporting the movement, in addition to this the 20-day to 150-day SMA acts as a dynamic support for the currency. However, the future of HT remains promising.

Hobi now

Huobi Token HT rose during trading today, Wednesday, by more than 30%, up from $5.21 levels to $6.71 levels, while the currency is now hovering near $6.3 levels.

While Huobi Token has jumped since October 2, by more than 80%, from levels near $3.8 per token, to today’s high at $6.71.

The Hoobi Token rose by 60% in a week, while it increased by 30% in thirty days, and by 20% in sixty days, while the coin’s rise in three months was about 45%.

Since the beginning of the year, Hoobi Token has decreased by 34%, while its market value is now about one billion dollars, as it has less than 50 million dollars left for the Unicorn Club countries, while it ranks 49th among cryptocurrencies in terms of market capitalization.

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.

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