© Reuters Huobi Token Surges, Bitcoin and Ethereum at Key Support Range
- is trading at a crucial support range.
- ETH hits resistance around $1340 region.
- Huobi token surges as Justin Sun onboards as Huobi advisor.
The value of Huobi Token has increased exponentially since About Capital acquired the Huobi network and named Sun as an advisor. The Huobi token has gained 75% over the past week.
Early on October 15th, most major cryptocurrencies were trading in the negative, as the total market cap for all cryptocurrencies fell by 1.95 % to $919.43 billion. The 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 Bitcoin price has been trading erratically between $19,100 – $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 has found short-term support at $19,135, and it has also crossed below the 50-day moving average, all of which point to a bearish trend. In the event that BTC’s price drops below $19,135, it might reach the $18,709 support level, the area of a previous triple bottom, and even lower to the $18,246 support level.
Upwards, the range around $19,958 continues to act as resistance. If indeed the price drops below $19,135, investors may think about selling, and if it breaks past that level, they could consider buying.
Contrarily, the 50-day moving average has been providing support for the pair at the key level of $1,292. ETH might potentially show a positive turnaround above this level; however, the descending trendline that has formed on the ETH/USD 2h chart indicates a resistance around $1,340.
The price of Huobi Token has jumped from around $5.5 to approximately $7.5, despite the fact that the cryptocurrency market as a whole has been in the red. It’s likely that the massive spike is connected to Justin Sun, founder of Tron, joining Huobi’s advisory team.Last week, Justin Sun, inventor of Tron, announced that he held “tens of millions” of tokens on the Huobi platform, adding that the tokens are essential for the company’s intentions to expand internationally.
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