Huobi Token soars by more than 3% today: Here is why

• Huobi Token is the best performer amongst the top 100 cryptocurrencies by market cap so far today.

• The Huobi crypto exchange is set to lay off 20% of its workers amidst the crypto winter.

• The broader crypto market could end the week in the red zone as prices tumble.

Huobi to cut 20% of staff

Tron founder Justin Sun told Reuters earlier today that the Huobi crypto exchange is set to lay off about 20% of its staff. Sun is a member of Huobi’s global advisory board, and he revealed that the move is part of the company’s structural adjustment to the current market conditions.

This latest cryptocurrency news saw Huobi Token, the native token of the Huobi exchange, rally by more than 3% in the last 24 hours. HT is the best performer amongst the top 100 cryptocurrencies by market cap today. At press time, the price of Huobi Token stands at $4.85. 

The broader cryptocurrency market has been underperforming over the last few hours. The total crypto market cap currently stands at $814 billion, down by less than 1% in the last 24 hours.

Key levels to watch

The HT/USDT 4-hour chart is bearish despite its positive performance over the last few hours. However, the technical indicators show that HT is outperforming the broader market.

The MACD line is below the neutral zone, indicating that the bears are in control. However, with the line moving upward, the bulls are aiming to regain control of the HT market.

The 14-day relative strength index of 38 shows that HT is currently out of the oversold region. 

If the bullish trend continues, HT could surge past the $5.08 resistance level in the near term. However, it would need the support of the broader crypto market before it can breach the $5.4 resistance level over the next few days. 

Where to buy Huobi Token now