Huobi Token price has been in a strong bearish trend in the past few months as cryptocurrencies have crashed. HT/USDT was trading at $4.33, which was about 15% above the lowest level this month. It has crashed by more than 89% from its highest level in 2021, giving it a market cap of more than $673 million.
Huobi Global acquired
Huobi Global is one of the biggest cryptocurrency exchanges in the world. At its peak, the Chinese exchange handled transactions worth billions of dollars per day. This trend slowed down sharply after China announced a total ban of all cryptocurrency activity in the country. According to CoinMarketCap, Huobi Global transacted over $410 million in the past 24 hours.
The HT/USDT price tilted upwards on Monday as investors cheered the purchase of the company by About Capital. About is an investment firm based in Hong Kong. It was started by Ted Chen, a Chinese financier who founded Greenwoods Asset Management, which has more than $6 billion in AUM.
Other crypto news has suggested that Tron’s Justin Sun and Sam Bankman-Fried (SBF) participated in the buyout. Sun started Tron, which has become the second-biggest players in decentralized finance (DeFi) after Bloomberg.
Sun’s participation in the buyout came a few days after Huobi appointed him to become a member of the Global Advisory Board. In this role, he will work with industry, academics, and policy leaders to grow the company. It is unclear how much money About paid although Bloomberg has suggested that Huobi was valued at about $3 billion.
Therefore, Huobi Token price rose as investors believe that it will lead to more growth in the coming months. Also, the hype surrounding the acquisition has helped push the coin higher.
HT price prediction
The daily chart shows that the Huobi Token price has been in a bearish trend in the past few months. The current price of $4.35 is an important level since it was the lowest level on July 1st of this year. It has moved below the 25-day and 50-day moving averages while the MACD has moved below the neutral level.
Therefore, the coin will likely continue falling as sellers target the next key support level at $3.50, which is about 20% below the current level. A move above the resistance at $4.65 will invalidate the bearish view.