On Wednesday, Huobi Token price (HT/USD) edged slightly higher to maintain the current bull run. The Huobi Global native token has been on an upward trajectory since bottoming at the end of September amid an increased China crackdown. The platform shut down Chinese accounts and is now planning to do the same for Singapore accounts.
Initial reports indicate that Huobi Chain will close Singaporean accounts by March 2022.
Is it too risky to buy Huobi Token now?
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From an investment perspective, Huobi Global is one of the largest crypto exchanges in the market, ranking seventh overall. As of this token, the Huobi token had a fully-diluted market cap of about $5.35 billion.
The trading volume declined by more than 16% over the last 24 hours following the news about Singaporean accounts shutting down.
Technically, Huobi Token seems to be trading within an ascending channel formation in the intraday chart. However, the HT/USD recently pulled back after finding resistance at the 100-day moving average.
Therefore, with the price yet to reach overbought conditions, Wednesday’s slight rebound could extend further in the coming days.
Investors could target extended gains at about $12.53, or higher at $14.65. On the other hand, if the 100-day MA remains firm preventing more upward movement, the HT/USD could pull back towards $8.96 or lower to $7.38.
In summary, although the HT/USD seems to be facing strong resistance from the 100-day MA, the bulls appear to be in control.
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