Recently, Huobi Token has drawn significant attention from investors after a remarkable price surge of over 417% in a single day. This increase, despite subsequent profit-taking, points to a revival of interest in the token.
Explosive Gain in Huobi Token Price
In the past 24 hours, the price of Huobi Token surged from below $0.30 to $1.53, marking an impressive increase of 417%. Despite some correction down to $1.04, the token still shows a growth of approximately 245% at the time of writing. Staying above the $1 mark highlights the token's resilience, supported by its strong fundamentals.
Technical Setup and Key Levels
The weekly chart shows that the price of Huobi Token has struggled at a critical resistance level at $1.5. If this level is flipped to support, it would confirm that buyers have regained long-term control. Predictions suggest that if the bullish trend continues, the token could reach prices of $3.0 with further forecasts up to $6.80.
Support from On-Chain Data
On-chain data reveals that the rally was not merely speculative. There has been a significant spike in user activity, with addresses holding between 1 and 1,000 HT showing active buying. Notably, the price correction was fueled by mid-level holders engaging in profit-taking, securing gains from the rally.
The surge in Huobi Token's price highlights the renewed interest in the project and its core fundamentals. Stability above $1 and market activity open up prospects for further growth.
