Altcoin Watch: Top 3 Tokens for Better Entry- QNT, HT & AR

The digital currency ecosystem is currently experiencing a massive valuation plunge as the cryptocurrency industry is still trying to find a balance after the United States Bureau of Labor Statistics (BLS) released the inflation data in September. 


The Consumer Price Index (CPI) came in at 8.2% for the past month showing the ongoing interest rate hikes, the last of which was 75 basis points, are not yielding good fruits at this time. The resultant reaction plunged the traditional market into chaos, and the resultant ripple effect was experienced in the broader digital currency ecosystem.

The combined crypto market cap was down 0.31% at the time of writing and pegged at $921 billion. With the seemingly bearish trend, here is a brief rundown of altcoins entering the new week with impressive weekly performance.

Quant (QNT)

For the second time in a row, Quant is trending as one of the top performers in the ecosystem with a 22.46% to $192.68 per data from CoinMarketCap. The coin has been on a massive uptrend for the better part of this month, and investors may need to watch well before leaping into acquiring this token moving forward. This is because a mild correction may be underway in the short term.

Huobi Token (HT)

Huobi Token is the native coin of the Huobi Global exchange. The coin has printed as much as 72.16% to $7.07. The Huobi token is flying on a massively bullish trend with the news of the exchange being acquired by About Capital Management, with reports of links to Tron’s founder, Justin Sun.

With the change of ownership, investors believe the exchange may be well-capitalized and positioned to finance its current global growth.

Arweave (AR)

Arweave is a decentralized storage network that seeks to offer a platform for the indefinite data storage. Since its inception, the protocol’s adoption has grown remarkably; thus far, this adoption has been reflected in its token price growth.

The coin is changing hands at $10.06, up 13.50% over the past week.

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Huobi Token Breaches $29.54 – What’s Next?

Huobi Token (HT) is a decentralized digital asset based on Ethereum that is launched by world-leading cryptocurrency trading platforms Huobi. It hit a record high of $29.54 on May 2.

It has a limited total supply of 500 million issued by Huobi Group. According to Coinmarketcap, HT is ranked the 34th digital asset with a market cap of $5,077,540,808.

HT’s recent performance has been outstanding, and it has risen by 53.32% in the past week.

Previously, the direct listing of the Coinbase exchange makes investors re-examine the potential of virtual currency exchanges and platform currencies. Huobi has seen their native tokens HT increase by 825% since the beginning of 2021 at that time.

Now, HT has reached a new high of $29.54, with a return rate of 5900% to investors from $4.28 to $29.54 today on a year-to-date basis.

Huobi Token (HT) Price Analysis

SourceHT/USDT Daily via TradingView

Huobi Token (HT) surged above the previous high of $26.89 on May 1. It hit a record high of $29.54 on the following day. However, after touching its all-time high (ATH) yesterday, the HT’s price suffered strong selling resistance. From a trading volume perspective, yesterday’s trading volume was almost the same as the day before, which proves that there were a large number of tied-up altcoins before that were being sold yesterday.

However, although the bears are currently trying to pull the price back below the breakout level of $26.89 and trap the aggressive bulls, it was unsuccessful.

At the time of writing, Huobi Token is trading at $27.98.

The transaction price of HT/USDT is much higher than the Exponential Moving Average ribbon. Both the upward sloping moving average and the bullish MACD indicate that the bulls are currently dominating the market.

However, Stochastic RSI is merged at the overbought zone, which implies that a bearish crossover may be formed later and develop downward. However, this may only be a short-term correction, and the bulls find it difficult to push the price up to $29.54. This may lead to high volatility in the short term.

The previous resistance level of $26.89 has been reversed to a support level. If the bulls actively defend the $26.89 support level, it indicates that there is strong buying every time a small decline occurs. Then it is only a matter of time to break through its all-time high. When Huobi Token hits a new high, this will indicate that the altcoin will not encounter strong selling pressure on its way up. It is very likely that Huobi Token breaks through $35 in the short term.

If a large number of sell orders are triggered, the price drops and continues below $26.89 for three days then HT/USDT will test the 20 day-Exponential Moving Average of $21.24 support level. A break below the 20-EMA may indicate the beginning of a deeper correction.

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Top 5 cryptocurrencies to watch this week: BTC, SOL, HT, ETC, AAVE

Bitcoin (BTC) price closed the month down 1.98% which according to data from Bybit, was its first negative close in April since 2015.

In the same month Ether (ETH) price soared over 44% to hit a new all-time high close to $3,000. This wide divergence between the top two cryptocurrencies shows that the markets have matured and Bitcoin’s underperformance is not affecting altcoins as much as it did in the past.

Ether’s bullish trend has attracted strong buying from traders. Data from Bybit suggests that Ether futures open interest climbed to $8.5 billion on April 29, rising 52% over the previous month. This increase has been supported by professional traders who seem to have taken a more bullish view on Ether than retail investors, as highlighted by Cointelegraph contributor Marcel Pechman.

Crypto market data daily view. Source: Coin360

The strong performance from the crypto sector continues to attract a wide array of investors. According to the Financial Times, VC firm Andreessen Horowitz plans to tap into this growing demand by raising between $800 million to $1 billion for another fund. The flow of money into various crypto projects shows that investors are bullish for the long term.

T. Rowe Price CEO William Stromberg said in an interview with the Baltimore Business Journal that the crypto space is still in its infancy and it could “take years to really unfold.”

With Ether leading the altcoin charge, let’s look at the top-5 cryptocurrencies that may remain bullish in the short term.