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Price Analysis

Will It Be Effective To Invest In Huobi Token?

Huobi incepted in 2013, and it is a Singapore based cryptocurrency exchange platform. Later, it expanded to South Korea, Japan, and China. Its founder, Leon Li, a former engineer of Oracle had founded this exchange. Currently, this exchange platform supports more than 280 cryptocurrency markets, and approximately $350 billion worth of digital currencies get traded on it today. Huobi is the 3rd largest crypto exchange platform in the world. Its proprietary digital token is Huobi Token, and it originated in January 2018 for rewarding Huobi exchange users with fewer fees for using this platform.

Current status of Huobi Token (HT)

HT is currently getting traded at a price point of USD 1.17 (UTC time 05:29). It stands at 69th position in the cryptocurrency trading sphere. Its present market cap has a value worth of USD 58,429,034. At present, 50,000,200 HT is in circulation in the crypto trading platforms. Compared to its yesterday’s price, the current price of HT has increased by 0.34% and thus, it is on a bullish trend line till now.

Price analysis of HT on the basis of Huobi Token Charts

Huobi token

From this chart, it is seen that currently, HT is getting traded at a value of 1.17 USD or 0.00030314 BTC (UTC time 05:37). Its present market cap has a value worth of 58,395,988 USD with 9,187,460 USD as its 24h volume. From the same chart, it is seen that the price of HT, nearly one month back, was 0.958862 USD. So, within this approx. One month, the value of HT has been hiked by 22.01%; the price range of HT has been running on a bullish trend since nearly one month back.

Future price predictions of HT

On the basis of its present resistance level of $1.17, the cryptoanalysts predicted that tomorrow, its price could be around $1.15. They also said that HT could be profitable to the investors if they consider only long term investment. The value of HT after five years can be around $6.9207 which is quite a good rise. It is also expected that its price will not significantly fall to adversely impact the merchants and its investors; it will maintain stability to some extent.

So, it is quite obvious that at present there is no such guarantee to get higher returns from the HT investment but, as per its predicted price after five years, HT can be really profitable to the investors. Moreover, the fact that it will maintain stability to an extent can be a convincing reason to the investors to splurge on this crypto in long term basis.

Conclusion

HT can be a good option for long term investment. It is also expected that being the proprietary digital token of the third largest crypto exchange, it will gain more users in the upcoming days and thus, it can have the potential to raise its value significantly in the upcoming days.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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