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.
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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.
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.
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.
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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.
