- Token sharply dropped after the reports of internal friction at the Chinese crypto exchange surfaced.
- Prices fell by nearly 10% in 24 hours.
- Justin Sun confirmed Houbi will lay off 20%of its staff.
Huobi’s Token (HT) fell by nearly 10% after the reports surfaced about the internal friction at the Chinese crypto exchange Huobi Global. Earlier this week, it was reported that Houbi is asking its employees to take salaries in stablecoins instead of fiat currencies. If they refuse, they might get fired from the company.
As of today, Justin Sun confirmed the rumors about Huobi laying off 20% of its staff. Although he did not comment on the internal conflict, many speculate the conflict might be a path opted to achieve the layoff goal.
Here’s what charts tell
The current prices form a falling parallel channel. The present prices show a drip and immediate recovery. This may be due to bears buying the dip and accumulating the HT token. All significant EMAs float above the current price action. The volume saw heavy selling and matching purchases as many sold and plenty bought.
The CMF saw a downtick when the prices fell but was soon rectified with a rise in the indicator. The MACD recorded sellers and buyers, both participating in the market. The RSI touched the lower edge and indicated heavy selling taking place.
4-hour POV
The closer time frame shows falling prices rising as the dip was bought. The CMF moves to the positive zone and holds a spot close to the baseline. The MACD records heavy sell-offs with tall red histograms. The RSI shows overwhelmed sales faced by decent purchases as it retraces to the bounded ranges. The study images the prices recovering the fall as investors anticipate a rise in the future.
Conclusion
The HT market seems turbulent amid the rumors and accusations made to the Global Exchange. The prices flinched but were saved by the bears and saw simultaneous purchases so strong that price movement took a turn. Until further clarifications, the current trail may be followed, and prices may move within the set range.
Technical levels
Support levels: $4.40 and $3.85
Resistance levels: $5.50 and $6.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/06/ht-bears-to-hunt-in-shallow-waters-mass-layoffs-draining-investors/