HT Technical Analysis: Reversal Awaits At $8.75 Support Zone

HT coin price action forms a descending triangle under the sellers-driven trendline influence. However, the $8.75 base holds a reversal possibility. Key technical points: HT coin price fails to surpass the $9 mark. The recent retracement of 1.37% forms a bearish engulfing candlestick. Finally, the 24-hour trading volume of Huobi Token is $26 Million, marking a 3.93% fall. Past Performance of HT HT coin price shows a highly bearish resistance trendline in motion, pushing multiple bullish attempts back at the $8.75 support zone. The trapped price range creates a descending triangle pattern with the $8.75 zone acting as the monthly support. The recent premature retracement to the support zone comes after the bullish failure to rise above the $9 mark. Source-Tradingview HT Technical Analysis HT coin price shows a higher price rejection near the resistance trendline, and the recent reversal shows multiple Doji formations before the bearish engulfing formation. Hence, the retracement shows signs of increased selling pressure. The crucial EMAs (50, 100, and 200) project a bearish alignment while providing a constant dynamic barrier. Hence, the EMAs act as high selling pressure areas and promote the bearish breakout ideology. RSI Indicator: The RSI slope shows a sharp fall after struggling to rise above the 50% mark. Furthermore, there is no clear indication of bullish divergence in the last two dips, but an evident split is present c...