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HFT Crypto Analysis: Hashflow Gains 175% in a Week – Next Levels to Watch
Hashflow (HFT) has witnessed an unprecedented 175% growth in the past week, with its price shooting up after Binance’s announcement of support for DEX token deposits on the Solana network. This sudden surge has left many wondering if this rally is sustainable or merely a flash in the pan.
As we delve into the technical analysis of HFT, it becomes clear that traders would be better off waiting rather than rushing into long positions.
The chart shows a bullish market structure break as Hashflow breached its most recent lower high and bulldozed past key resistance. The price has left behind a fair value gap (white box) at the $0.075-$0.11 region, which could yield a bullish reaction if we see a retracement.
The Relative Strength Index (RSI) is currently in overbought territory at 86, but this does not guarantee a pullback. Upon examining lower timeframe charts, it appears that $0.12 was a short-term support level. In addition to this, the On Balance Volume (OBV) has surged past two-year highs, confirming that this rally wasn’t just a fluke – it was demand-driven.
The fact is that Hashflow’s recent gains have been largely driven by its sharp upside. This sudden price action has brought in short-term profit-takers, and therefore, buyers may want to wait for a clean retest of the $0.10 level before jumping into long positions once more.
In conclusion, while momentum remains intact, it is essential for traders to keep an eye out for potential pullbacks at these levels.
Source: ambcrypto.com
