© Reuters Huobi Token Surge, Bitcoin and Ethereum in key support range
- It is trading in a crucial support range.
- ETH hits resistance around the $1340 region.
- The Huobi token comes about when Justin Sun comes on board as an advisor to Huobi.
The value of Huobi Token has increased exponentially since About Capital acquired the Huobi network and appointed Sun as an advisor. The Huobi token has gained 75% over the last week.
As of early Oct. 15, most major cryptocurrencies were trading in the negative as the total market capitalization for all cryptocurrencies fell 1.95% to $919.43 billion. Total 24-hour crypto market volume is $64.25 billion, down 23.40 percent from the previous day.
After being rejected below the $19,950 support level, the price of Bitcoin has been trading erratically between $19,100 and $19,200. While this is happening, the price of Ethereum has fallen to $1,293, a drop of almost 2 .6%.
On the technical side, Bitcoin found short-term support at $19,135 and also crossed below the 50-day moving average, all of which point to a downtrend. In case the price of BTC falls below $19,135, it could reach the support level of $18,709, the area of a previous triple bottom, and even lower to the support level of $18,246.
To the upside, the range around $19,958 continues to act as resistance. If the price falls below $19,135, investors may consider selling, and if it breaks above that level, they may consider buying.
On the contrary, the 50-day moving average has provided support for the pair at the key level of $1,292. ETH could potentially show a positive turn above this level; however, the descending trend line that has formed on the 2-hour chart of ETH/USD indicates resistance around $1,340.
The Huobi Token price has jumped from around $5.5 to around $7.5, even though the cryptocurrency market as a whole has been in the red. The massive increase is likely related to Tron founder Justin Sun joining Huobi’s advisory team. Last week, Justin Sun, inventor of Tron, announced that he had “tens of millions” of tokens on the Huobi platform, adding that the tokens are essential to the company’s intentions to expand internationally.
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