Huobi Token (HT) Declines Towards the Support level of $4.5

• Huobi Token forms a declining wedge pattern on a daily chart.
• The MACD shows a bullish crossover, which may indicate a change in the price trend.
• The current support levels are found at $4.2 and $3.8, while the resistance levels are set at $5.2, $6, and $7.

Huobi Token is following the overall bearish market sentiment in the crypto space and is currently testing the support level of $4.5. If the price breaks this level, it could decline further to $3.8 or even lower to $2.5 in the coming weeks. However, if Huobi Token manages to hold above its current support levels, it could potentially see a strong bounce and move toward the resistance levels of $6 and $7 in the near term.

Huobi Token price action:Coinmarketcap

Huobi Token has experienced high price volatility in the last few weeks, as the overall crypto market has been facing significant headwinds. However, with a bullish crossover on MACD and a strong support level at $4.5, Huobi Token could potentially see some gains in the coming hours.

Huobi price action in the last 24 hours shows the token opened the daily trading session at an intra-day high of $4.81 and moved down to a low of $4.4963. The token is trading at $4.57, representing an intra-day loss of 3.21%.

Looking ahead, Huobi Token could move lower in the medium term if it breaks below its current support level of $4.5. On the other hand, a breach above this level may lead to an increase in price action and push the token toward the resistance levels of $6 and $7.

The technical indicators on the 4-hour chart are revealing a bearish momentum in the near term. The MACD is sloping down and the RSI is close to the oversold zone, suggesting that Huobi Token could continue moving lower in the coming hours. The Stochastic oscillator is also in the bearish territory, indicating an increase in selling pressure over the next few days.

HT/USD 4-hour chart:TradingView

Overall, Huobi Token could see some price gains if it manages to hold above its current support level at $4.5 and if we see strong buying pressure pushing it toward $6 and $7 in the short term. HT prices have been highly volatile as indicated by the high daily trading range of $0.80. The HT market has also been choppy over the past few weeks, as we observed a series of lower highs and lower lows in the price chart.

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