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Huobi Token saw an eye-catching 13% price increase after bottoming out on Nov. 22. The most likely reason behind such a rapid price increase could be tied to the most recent release of Huobi's global expansion plan and the strong technical support level HT has for the first time after an explosive rally.
Technical side
After Justin Sun took over the management of Huobi Token and purchased millions worth of the cryptocurrency, the lack of retail demand and the overall state of the cryptocurrency market led to the expected correction of HT that returned to its pre-pump level.
Source: TradingView
Luckily, the support level formed at around $4 and then managed to bounce back to the $4.7 price level. Unfortunately, the rally did not find enough momentum or support from investors, which is why we are seeing a 4% reversal in the last 24 hours.
Fundamental reason behind rally
On Nov. 22, Huobi Global launched its new branding strategy, changing the company's name to Huobi and aiming to return to the top three of the biggest cryptocurrency exchanges on the market.
After finishing the rebranding process, Huobi would start working on strengthening its new brand and "give full play" to the important strategic attributes of HT. As usual, Huobi would continue to explore high-quality projects on the market with the help of HT voting, which helps the exchange to onboard projects that have not yet been discovered by their competitors.
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According to the roadmap, Huobi will focus on the support of undiscovered assets with strong market potential and urge communities to build on projects, bringing more value to the cryptocurrency industry as a whole.
At press time, HT is trading at $4.7.
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