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Price Prediction: Bitcoin at critical support level and HUH Token set to surge 57%

By Guardian Nigeria
23 December 2021   |   6:10 am
Bitcoin is currently teetering on a critical support level as bulls attempt to engineer a breakout from the downtrend. Meanwhile, HUH Token looks set to bounce off its uptrend line and set new all-time highs. Bitcoin (BTC) Bitcoin’s bulls have created a short-term stronghold at $45,000 that needs to hold if there is any chance…

Bitcoin is currently teetering on a critical support level as bulls attempt to engineer a breakout from the downtrend. Meanwhile, HUH Token looks set to bounce off its uptrend line and set new all-time highs.

Bitcoin (BTC)
Bitcoin’s bulls have created a short-term stronghold at $45,000 that needs to hold if there is any chance of reversing the downward trend. BTC has been falling in a downward channel since reaching its all-time on November 10 and has already shed 34%. 

But now BTC’s bulls seem to be creating a support at $45,000 and the price has moved back up to test the blue downtrend line. If the bulls want any chance of a reversal, they will need to break this downtrend line on a daily chart before starting to build sideways movement and eventually a potential breakout. 

 

BTC Daily Chart According to TradingView

What may come as encouragement for buyers is that BTC’s relative strength index has moved up while the price has moved down, indicating a very short-term sell divergence, which usually pre-empts a correction upwards. This may serve as the impetus needed to help break the downtrend line. 

However, looking at the long-term daily chart for BTC does not paint a pretty picture as a clear head and shoulders seems to be forming. If BTC’s price does not hold above $45,000 then it will fall towards the long-term support level at $40,000, which would confirm the head and shoulders.

BTC Daily Chart According to TradingView

In this case, BTC’s price would likely bounce off the major support at $40,000 and come up to complete the right shoulder before plummeting down towards $30,000. Indicating to investors that a long-term reduction of over 40% from current levels is very much a possibility.

It seems everything rests on whether the bulls can hold current levels and breathe new life into the primordial cryptocurrency.

HUH Token (HUH)

HUH Token looks to continue its uptrend after its explosive launch on December 6. HUH bounced off of the $0.0001000 support level confirming the uptrend. Since then, the price increased and is currently trading in a narrow band between $0.0002000 and $0.00016010.

Bulls will be looking to buy-in close to the blue upward trend line. If the price bounces off this line, it could trigger a 57% rally to test the all-time highs at $0.0002723.

 

HUH 4-Hour Chart according to TradingView

HUH’s moving average has surpassed its price, indicating an imminent upward correction. Additionally, the stochastics at the bottom of the chart have both moved below their lower bands and into the buy zone.

If HUH’s price can break above its all-time high, the next target would be the 23.6% and 38.2% Fibonacci extension levels.

However, HUH falls below the blue upward trend line, holders can anticipate a dip to the next support level at $0.0001395, invalidating the bullish prediction.

HUH Token soared over 4000% in its first week of trading, breaking into the top 20 on PancakeSwap and has accumulated over 12,000 holders already.

The global cryptocurrency market has been under increased selling pressure over the last month, losing nearly $1 trillion since November. HUH Token, has so far been able to avoid the majority of this selling pressure.

The broader cryptocurrency market, on the other hand, appears to be preparing for a rebound as increasingly positive news from US policymakers emerges and Bitcoin and Ethereum teeter on key support levels.

According to Robert Courtneidge, Locke Lord lawyer and co-founder of the Prepaid International Forum, “cryptocurrencies will be a critical part of our society’s future and regulation will soon become a part of the cryptosphere”.

Find Out More About HUH Token:
Website: https://huh.social
HUH Official Swap- https://swap.huh.social/
Telegram: https://t.me/HUHTOKEN
Twitter: https://twitter.com/HuhToken
Instagram: https://www.instagram.com/huhToken/