Bitcoin dives further as HUH token continues to witness a rise in market price value.
Bitcoin’s price action remains firmly in a technical bear market and looks set to fall further after setting up a short-term head and shoulders. Meanwhile, HUH Token is gearing up for a 59% upswing to test its all-time high.
Since the flash crash of December 4, Bitcoin has steadily declined and looks set to do so after forming a short-term head and shoulders at a key support level.
Investors should expect BTC to move lower and retest the $42,000 support level.
BTC 4-Hour Chart according to TradingView
BTC’s price may bounce as more bulls begin to enter the market, but the downtrend will only be broken if BTC closes above the blue trend line on a daily chart.
The only good news for BTC is that its Relative Strength Index (RSI) and Stochastic indicators are now in oversold territory. However, a trend reversal will only be confirmed if BTC manages to push above its downward trend line.
On the other hand, If BTC does manage to break its downward trend line, then investors can expect the price to surge back up to the next resistance level at $55 500.
HUH Token (HUH)
HUH Token has reclaimed a support level at $0.0001702 indicating further upside is on the way. Over the weekend HUH’s price briefly consolidated down to $0.0000905 before bulls rallied and lifted the price back up, indicating buying levels are strong at these prices.
HUH then tested and broke above its new support level at $0.0001702. Investors can now expect HUH’s price to consolidate back to this level offering buyers a fresh opportunity to get in before the price swings up to retest HUH’s all-time high at $0.0002725 – a rally of roughly 59%.
HUH 1-Hour Chart according to TradingView
If HUH’s price can break above the all-time high at $0.0002725 then investors can expect the price to continue to move upwards and create new highs, with the first Fibonacci extension level of 23.6% or $0.0003368 as the next target.
However, if HUH’s price falls below the support level at $0.0001702, then traders can anticipate a dip to retest the next support level at $0.0001280. Potentially offering investors a new buy opportunity.
HUH Token launched on Monday, December 6, and surged over 4000%, breaking into PancakeSwap’s top 20 in its first week of trading.
Since its launch, HUH Token has accumulated a market cap of over $170 million, with over 10 000 holders. HUH’s listing on popular indexes CoinMarketCap.com and CoinGecko.com this week has also helped propel the price upwards.
HUH’s creators have dubbed the new cryptocurrency a “time” as it offers enhanced utilities over common meme cryptos, including a unique referral system that allows holders to make 10% commission for every successful HUH referral. The commission is paid in Binance Coin (BNB).
HUH Token also accumulates in a holder’s wallet over time, a feature that will certainly entice long-term investors.
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