Disclaimer: The text below is a press release that was not written by Cryptonews.com.
Bitcoin’s price has dropped below USD 57,000 for the first time since October, as the digital currency continues to fall from record highs. Meanwhile, the pre-launch token allocation for HUH Token has nearly sold out.
Bitcoin, the world’s largest and most popular cryptocurrency, was trading more than 6% lower at USD 56,328.8 on Friday. Bitcoin recently reached a new high of around USD 69,000 and is now up more than 93% year to date (YTD).
The global cryptocurrency market cap has dropped to USD 2.6 trillion, according to market tracker CoinGecko. This year, Bitcoin’s value has more than doubled, while Ether’s value has nearly quadrupled. Both reached new highs last week, thanks to speculative demand for digital assets and contentious claims that they can be used to hedge inflation risks.
Bitcoin can be seen moving within a channel pattern on a daily chart, frequently retesting the USD 58,000 support level. The RSI indicator has fallen below 40, indicating that the token is about to enter oversold territory.
Ethereum, the second-largest cryptocurrency, has also dropped more than 4% to USD 4,075. The price of Ethereum has been hovering near an all-time high, catching up with bitcoin’s rally and benefiting from news of increased blockchain adoption.
Solana’s price is approaching a critical support level, which will most likely determine its near-term outlook. Dubbed the “Ethereum-killer”, Solana maintains a bullish outlook, with a next optimistic target of USD 325, but if the critical foothold is lost, the token could drop by 34%.
Solana’s price has formed an ascending parallel channel on the 12-hour chart, as Solana continues to post higher highs and lower lows. Solana is now approaching a critical support level at the lower boundary of the prevailing chart pattern, which is currently trading at USD 189, after falling 25% from its all-time high.
If Solana’s price can stay above this level, a recovery for the token may be on the way.
Meanwhile, the price of dogecoin has dropped more than 5% to USD 0.22, while the price of Shiba Inu has dropped 10% to USD 0.000043. Other cryptocurrencies, including XRP, Litecoin, Polkadot, Uniswap, Stellar, and Cardano, have seen price drops in the last 24 hours.
HUH Token says it will lock in 1 million dollars of liquidity when it launches on popular platforms PancakeSwap and Uniswap on December 6, with 500,000 dollars locked into each platform for two years.
HUH Token will also a supply cap, which means that the number of tokens in circulation will never increase.
According to the creators, the 1% of HUH Tokens allocated for pre-sale have almost completely sold out, with thousands of holders already investing.
To boost investor confidence even further, HUH Token is launching a referral programme. Holders who refer others using a special code will receive 10% of the new investor’s initial investment. This will be paid out in Binance (BNB).
Furthermore, because this code can be used indefinitely, holders can continue to generate BNB with each new referral.
Dogecoin has already shown how investing early can reap huge rewards, and HUH Token appears poised to try to replicate those astounding gains.
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