The Hashflow price went parabolic this week as the number of exchange listings jumped. HFT was trading at $0.9530, which is about 365% above the lowest level this week. According to Binance, the coin has jumped by over 520% in the past 24 hours, giving it a market cap has jumped by more than $160 million.
What is Hashflow and why is it rising?
Hashflow is a relatively new blockchain project that seeks to change how the market works. It is a decentralised crypto exchange that has better features than other popular DEX platforms like Uniswap and dYdX.
Its top features are that it is interoperable across most chains like Solana, Ethereum, and BNB Chain. It also has a zero slippage and has a Maximal Extractable Value (MEV) protected trades. As such, it makes it possible for traders to buy and sell across multiple assets by simply connecting your wallet.
Most importantly, all trades in Hashflow are commission-free and all prices are executed at their display prices. Hashflow uses a different approach than other DEXes. Instead of using an automated market makers (AMM), it uses the request-for-quote (RFQ) model. RFQ allows professional market makers to manage liquidity pools, which helps traders and liquidity providers to access enhanced efficiency.
Hashflow uses the HFT token, which is the governance token. It is similar to Uniswap’s UNI and Maker’s MKR.
HFT price jumped sharply as the number of brokers who are listing the coin rose. Some of the top exchanges that have listed Hashflow are Huobi, Kraken, Bitrue, MEXC Global, Coinbase, BitMart, and Gate.io among others.
Coinbase will add support for Hashflow (HFT) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds may be lost. Inbound transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets (@CoinbaseAssets) November 7, 2022
Historically, cryptocurrency prices tend to rise after being listed in major exchanges. However, these gains tend to be limited.
HFT price forecast
The five-minute chart shows that the HFT price popped after being listed in key exchanges. It rose to a high of $4 and then pulls back to the current $0.90. The coin has now been in consolidation mode since then. At the same time, volume has dropped while the Average True Range (ATR) has continued dropping.
Therefore, the coin will likely have a bearish breakout in the coming days as the momentum fades. A move above the resistance level at $1.18 will invalidate the bearish view.
