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HFT Crypto Analysis: Hashflow Gains 175% in a Week – Next Levels to Watch
The cryptocurrency market has been experiencing a rollercoaster ride lately, and the recent price surge of Hashflow (HFT) is no exception. With an astonishing gain of 175% in just one week, the market is now left wondering if this rally is sustainable or not.
In this analysis, we will delve into the key drivers behind HFT’s incredible performance, as well as identify potential levels to watch out for in the near future.
The announcement by Binance supporting Hashflow deposits on the Solana (SOL) network has sparked an unprecedented wave of buying pressure, with daily trading volumes skyrocketing to $97 million – a whopping 25 times its recent average.
This development, coupled with the sheer magnitude of the gains made earlier this week, leaves us wondering if the price action is overextended. As we can see from the chart below, Hashflow has not only broken out but “bulldozed” through key resistance levels.
The technical analysis suggests that HFT’s recent move beyond its most recent lower high marks a critical break in bullish market structure, implying a potential reaction off $0.1 if this retracement materializes. This price zone is likely to yield a strong reaction and should be closely monitored for trade opportunities.
In the short term, traders may want to wait out for a clean retest of demand zones before jumping back into the fray. Meanwhile, we can see that the RSI has reached unsustainable levels, but it does not necessarily guarantee a pullback. A closer examination of lower timeframe charts reveals $0.12 as short-term support.
Source: ambcrypto.com
