The Huobi Token seems to be doing well as it rose more than 50% in the last week. The most likely reason is the launch of Huobi’s new platform, Huobi Prime. But is that project launch enough to launch your portfolio?
Huobi is a Singapore-based exchange that was launched way back in 2013, and it’s usually one of the top-10 by volume, with around 600 million dollars traded daily.
Huobi launched the Huobi Token in June 2018, shortly after the launch of Binance token, and in many ways they’re similar. Just like BNB, you can use Huobi Token for a 50% discount on trading fees. You can trade it for any coin on the exchange, and it’s also used to vote on adding new coins. Projects that wish to be listed need to hold a large balance of HT as a deposit, and the voters must also hold it to cast a vote.
Now the exchange is launching Huobi Prime, which is a platform to participate in initial offerings from partner projects. You can only contribute with HT, but the advantage is that traders will be able to use their tokens almost immediately. The new offering platform will open on March 26, according to Huobi’s announcement.
Huobi Price Action Analysis
HT/USD has been seeing massive gains in the past month, bottoming out at 97 cents and aiming for the $2.82 resistance level this week. The new bullish movement seems pretty powerful and even though we could see some corrections towards the key pivot levels, there is a chance that it reaches 50% Fibonacci retracement level of $3.39 in the next few weeks.