HZM Coin gains LBank listing after crashing 70% in less than three weeks

image from medium.com
image from medium.com

Key Takeaways:

  • HZM Coin lost 70% since Nov 6 and traded at 0.019 USDT Tuesday.
  • The upcoming LBank listing could boost the price in Q4 2021.
  • The first Arabic coin formed a Symmetrical Triange on the 12-hour chart.

YEREVAN (CoinChapter.com) – HZM Coin, a new player in the cryptoverse that claims to be the “first Arabic coin” on the market, dropped over 70% since peaking at $0.07 on Nov 6. However, it might see green candles ahead after gaining a listing on LBank Exchange, a global digital asset trading platform.

The exchange tweeted the news on Monday, providing further details. LBank will launch HZM/USDT pair trading and enable deposits on Nov 24, 14:00 (UTC+8). The trading will start on Thursday at 16:00 (UTC+8), and withdrawals won’t be possible until 14:00 (UTC+8) on Friday.

Also read: "Exercise caution," Ethereum analyst warns as ETH risks close below $4K.

The coin with the iconic camel emblem launched on XT.com, a Hong Kong-based global digital currency trading service provider, at a $0.012 value. However, since July, HZM gained 11,566 % up to Nov 6, an explosive start. Additionally, HZM proponents hope for a bullish reversal after the LBank listing.

HZM Coin roadmap. Source: HZM whitepaper.
HZM Coin roadmap. Source: HZM whitepaper.

The gains could also stem from the massive token burn that took place in Q3. The founders already burned 95% of the original 100 billion HZM coin supply, boosting the price.

HZM chart

The HZM/USDT exchange rate stood at 0.019 in the Tuesday session, as the price action moved sideways for the previous five days. As a result, the digital asset formed a Symmetrical Triangle on the 12-hour chart. The formation consists of two converging trendlines with a similar slope that lower the price swing as the pattern progresses.

HZM 12-hour chart. Source: HZMUSDT on XT.com
HZM 12-hour chart. Source: HZMUSDT on XT.com

The mentioned Symmetrical Triangle doesn’t predict the future vector of the coin. However, it does forecast a sharp move once the pattern is exhausted. The chart above indicates that HZM might have a few more sessions before the said break. Considering the listing news, HZM could break the Triangle’s resistance with a bullish bias.

Also read: Bitcoin week ahead Ep18: Hawkish Fed policy expectations keep BTC under pressure.

Since its launch, the first Arabic coin that “aims to improve our planet by cooperating with charitable organizations” locked explosive gains. However, the 70% decline dampened the momentum in November. Nevertheless, the upcoming LBank listing could reverse the bearish incentive, giving HZM another leg up.

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