Huobi Token Price Up 1.06% – Time to Buy HT Coin?

• Investors might want to buy HT as the coin’s price has been up in the past 24 hours
• Huobi is currently working on improving its options trading service for customers
• The top exchange is also preparing a massive $100 million investment in the metaverse

With Huobi being one of the world’s top crypto exchanges, investors want to buy HT – the platform’s exchange token – as a means of supporting its operations. Exchange tokens have become an important part of the crypto market, and coins like HT appear to be major reasons why.

Huobi Token (HT) is the native asset of Huobi Global – one of the world’s biggest crypto exchanges. It was launched and issued in 2018 as part of Huobi’s mission to deliver greater value to its customers.

HT is an ERC-20 token. Like other exchange tokens, its value is closely tied with that of Huobi itself. So, as the exchange’s trading volumes, general sentiment, and market share increase, HT’s value will increase. The fact that investors can buy HT on other platforms also helps the asset’s appeal.

Better Options Trading for Huobi Customers

As one of the biggest exchanges in the world, Huobi is never far from the news. This popularity gives investors a pretty clear picture of whether to buy HT on the fundamental side. Fortunately, the news surrounding Huobi has been positive.

This week, Huobi launched a rebrand as it continues to fight big names like Binance and FTX for market share. As part of its rebrand, Huobi launched Huobi Options Lite – a simple, easy-to-use platform that allows users to trade its derivatives.

The uniqueness of options on Huobi is that they cover different option types – from American options to European spread options and more. Huobi currently offers options denominated in Bitcoin (BTC), Ether (ETH), and Dogecoin (DOGE). But, the company has committed to expanding in the future.

As for Huobi Options Lite, the company has pointed out that it cuts fees and is more user-friendly. This way, users make even more money, thus incentivising them to use the platform.

Investing in the Metaverse

Besides making options trading easier for its customers, Huobi is also taking on the metaverse. Earlier this year, the company announced its Lunar New Year campaign, where it will commit $100 million towards building the future of the metaverse.

The funds will go towards participants and projects looking for funding, with Huopbi offering its infrastructure as a launchpad for them as well.

The metaverse is currently one of the biggest trends in tech right now. Everyone with money is looking to invest in building this universe, and several top blockchain and crypto firms have done the same. Now, Huobi is throwing its hat into the ring.

HT Technical Analysis: Huobi Token Treading on Shaky Ground

Currently, HT is looking stable, price-wise. With a current price of $8.99, the asset is trading up 1.37% in the past 24 hours and up 1.80% in the past week.

The asset’s performance is much better than the broader market, which has lost 3.22% of its value in the past 24 hours as large-cap coins appear to be retracing.

Technically, however, HT appears to also be in murky waters. The asset trades dangerously close to most of its moving average (MA) indicators – especially its 100-day MA of $8.99.

The current price tag is also challenging because HT is trying to get back into the $9 range, which it fell from in January following the market downturn.

Tracing the 23.6 Fibonacci retracement level from its previous major high, HT has now built resistance at the $9.50 level. Its 100-day exponential moving average (EMA) of $8.86 is catching up, but HT might be able to hold off on that indicator for now.

With a negative moving average convergence divergence (MACD), HT is showing a sell signal. The asset’s 65.76 relative strength index (RSI) also shows that it is approaching the overbought status.

For investors to buy HT confidently, the coin will need to display better technicals. However, with the market in a correction, anything could happen.

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