Hashflow Price Rises 27% To $0.91 – Key Levels To Watch

The Hasflow price trades in a second straight bullish session as bulls focus on scaling it higher. HFT is up 100% over the last 7 days and 26.89% in the last 24 hours. Its 24-hour trading volume is up 146% to $250.8 million, pointing to increasing trader interest in the DEX token. With a live market cap of $170 million, the Hashflow token is at position 178 according to the CoinMarketCap ranking. 

The recent uptrend seen by Hasflow’s native token HFT may be attributed to the SEC’s recent attack on crypto staking activities in the US. On February 9, the U.S. SEC accused Kraken crypto exchange of selling unregistered securities through its staking-as-a-service product. The two parties reached a settlement, with Kraken now expected to terminate its U.S. crypto staking program and pay a $30 million fine.

Two Kraken entities, Payward Ventures Inc and Payward Trading Ltd, agreed to immediately cease offering or selling securities through crypto asset staking services or staking programs and pay $30 million in disgorgement, interest, and penalties.

— U.S. Securities and Exchange Commission (@SECGov) February 9, 2023

Accordingly, there have been fears that the SEC’s attack could also capture Coinbase, the largest crypto exchange in the US and the second-largest Ethereum staking platform after Lido. As a result, investors have opted for decentralized alternatives, such as Lido staking pools, Convex Finance, Rocket Pool, and Hashflow, among others.

As it stands, Hashflow has already started fighting to secure its share of the decentralized staking market. Its total value locked (TVL) has been increasing over the past few days, from $23.61 million on February 12 to the current level of around $27 million. 

HashFlow’s TVL

Increasing total value locked on the Hashflow DEX points to increasing investor interest and confidence in the network. This is expected to have a positive impact on the price of its native token HFT.

Key Levels To Watch For The Hashflow Price

HFT rallied an impressive 111% from a low of $0.30 on January 19 to a high of about $o.65 on February 7. This rally was, however, short-lived as the Hashflow price retraced back to the November 21 levels. The DEX token then embarked on a recovery, rising more than 109% to Saturday’s intraday high at $0.94. 

At the time of writing, the HFT price traded at $0.92 with a bullish bias, 5.5% below the aforementioned swing high. A rise above the immediate resistance level at $0.95, provided by the 100% Fibonacci retracement level would clear the path for an extended uptrend.

The first barrier would emerge from the 123.6% Fibonacci retracement level at $1.063, and then the 150% extension level at $1.19. Below that, the altcoin may rise to tag the $1.2 psychological level, marking a 36% uptick from the current price.

HFT/USD Daily Chart

Supporting this positive outlook for the Hashflow Price were the upward-facing moving averages as well as the upward movement of the Relative Strength Index (RSI). The price strength at 75 suggested that the HFT price was firmly in the hands of the buyers, adding credence to the bullish thesis.

The Moving Average Convergence Divergence (MACD) indicator was also moving upward in the positive region. Note that the call to buy HFT sent by this trend-following indicator when the MACD line crossed above the signal line on February 13 was still in play. This suggested that the upward momentum was still intact as buyers continued controlling the price.

On the downside, a daily candlestick close below the $0.9 psychological level would see the price drop to tag the 78.6% retracement level at $85. A slip below this point could see a descent to the $0.65 support level where the 12-day SMA sat, and later to the 23.6% extension level at $0.56 embraced by the 26-day SMA. 

In highly bearish cases, the Hashflow price may breach the said defense lines to revisit the $0.45 swing-low, where the 50-day SMA sat. This would complete the retracement, undo all the recent gains, and completely invalidate the bullish narrative.

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