Over the last few days, the Huobi exchange has faced a lot of negativity. On the 12-hour price chart, however, its native token, Huobi Token (HT), remained relatively unaffected.
HT, like the other altcoins, rallied at the start of the new year. At the time of publication, it was trading at $5.0506 and was crossing a downtrend line. A confirmed close above the downtrend line could provide bulls with additional leverage.
The downtrend line: Will the bulls flip it into support?
Source: HT/USDT on TradingView
After a sharp rally between 21 – 25 November last year, HT turned into a downtrend until the time of writing. HT also saw a multi-week price consolidation between mid-December 2022 and early January 2023 and traded within the $5.0463 – $5.4595 range.
The token broke below the range but was kept in check by the $4.6110 support. A price recovery from this support could confirm a trend reversal if it flips the downtrend line into support.
The RSI was slightly above the midpoint after rising from oversold territory. In addition, the Money Flow Index (MFI) was in the overbought zone, suggesting strong buying pressure.
Therefore, bulls could flip the downtrend resistance line into support and trade on the previous $5.0463 – $5.4595 range for the next few days.
However, a price rejection at the downtrend line will give bears an advantage. But bears’ efforts could be kept in check by the $4.6110 – $4.8250 range support.
Huobi Token’s sentiment remained negative in the past few days
Source: Santiment
According to Santiment, HT’s trading volumes saw an uptick on 6 January and declined afterward, only to rise again. In addition, the daily active address gradually declined after 6 January and recorded an uptick on 11 January. The fluctuating volumes could not offer a solid direction for HT’s price.
HT’s weighted sentiment was negative, indicating a bullish inclination from investors. However, previous negative sentiment didn’t undermine the uptrend momentum. Therefore, investors can track BTC’s price action before making decisions.