Not all momentum in the cryptocurrency industry makes sense at first. While there are some interesting price changes taking place right now, few currencies note nay real bullish momentum. The Huobi Token price, on the other hand, has noted very strong gains all week long and seemingly continues down the same path without too much resistance.
Huobi Token Price Run isn’t Over
Holders of Huobi Token will be quite pleased with the way the value of their token is going lately. After what seemed to be an extended period of sideways trading, HT suddenly decided to break out a few days ago. So far, the momentum hasn’t let up, as today’s gains clearly illustrate. In this day and age, tokens associated with popular crypto exchanges all tend to do quite well, it would appear.
Over the past 24 hours, the Huobi Token price has increased by another 14.5% in USD, BTC, and ETH value alike. These gains push the value to $2.52, 62,234 Satoshi, or 0.0148 Ether. A very interesting turn of events, as Huobi is not talked about that often in comparison to some other big trading platforms. There is also a heavy increase in HT trading volume right now, as its volume has surpassed the Huobi Token market cap.
Speaking of trading volume, Huobi Global is not the only place noting an increase in HT trading. LBank and Gate.io are both in the top 4 as well with their USDT pairs. This is in line with what happens on Huobi Global, as the USDT pair on that platform is also generating the most volume. It is evident this price run may continue for quite some time to come, as there doesn’t appear to be any real price resistance to contend with at this time.
On social media, it seems some traders are ready to ditch Huobi Token and look for greener pastures. Klondike confirmed their Telegram channel called out HT a while ago and took a lot of profit in the process. With the position now almost entirely liquidated, it may be a good time to look at other markets in search of further profits. It will be interesting to see how this will affect the overall HT momentum over the coming hours and days.
Huobi Token gave us more than 40% profit since we called it 11 days ago in our Telegram Channel. Really nice results, just as expected. We've closed 75% of the position. pic.twitter.com/G1mWQUOL3v
— Klondike (Crypto Rush) (@KlondikeRush) March 20, 2019
For those merely interested in the price chart, even Huobi Global seems to confirm things are not looking that promising in terms of sustaining this uptrend. While there are clearly strong gains in HT/USDT, it would appear this momentum may not remain in place for very long. Depending on what happens to Bitcoin and the HT trading volume, the coming hours will prove to be rather interesting. No massive setback is to be expected at this time, but one never knows what the future will hold.
— HuobiGlobal (@HuobiGlobal) March 20, 2019
As is always the case in this strange and volatile industry, making sense of individual markets is difficult, if not nigh impossible. For Huobi Token, an interesting trend has formed. Hardly ever does one see a market generate more trading volume than its overall market cap. Only time will tell if that is a good thing for HT, as there is a good chance that aspect may come back to harm this particular market before the day is over.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.