The Huobi Token price is +17% at $27.93, just off its all-time highs, as the exchange sets its sights on Institutional Investors.
The price of Huobi Token, which rewards users of Asia’s second-largest cryptocurrency exchange, continues to power higher. The recent price extension comes hot on the heels of an announcement that its asset management arm is launching four new crypto-linked funds.
Huobi Asset management has secured commitments totaling $50 Million to date and aims for an AUM of $100 Million by September 22021.
Speaking to Bloomberg, Huobi Tech’s Finance chief, Zhang Li, said:
“Virtual assets have become established as a strong category in alternative investment, and more players will compete in this arena. […] For professional investors who still have concerns about things like security and tax filing, they will opt to buy our funds rather than holding coins themselves.”
The Houbi Token price has clearly reacted positively to the news and should continue to find a bid on this development. Given the success of US-based digital asset manager Greyscale, if Huobi can position themselves as a credible rival, we may soon see the Huobi token price at much higher levels.
The recent gains in the Huobi Token price have seen its market cap explode to $5.1 Billion, making it the 33rd largest cryptocurrency. Although still way below direct competitor Binance coin’s $93 Billion valuation, the gap may be set to narrow.
After reachimg a new ATH high in yesterdays session, the token has experienced a period of consolidation.
The price extended higher through March’s $26.600 record on good volume buying. The token went on to increase on the record by 11% before running out of steam. The Huobi token price retraced marginally to support at $26.600, where buying was evident.
The price forecast remains upbeat given the improving fundamentals. Although buying on a pullback may give bulls more room to hold the position through the market volatility.
A break below 26.600 could initiate a leg lower towards support at $22.710. This should offer a strong area of support and provide bulls with a nice entry point.
A break below the 21st of April high at $21.580 would signal the bullish trend is reversing.
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