Crypto News

Hifi (MFT) hikes 23% after Bittrex listing; problematic profit-taking ahead?

MFT
Image by Charles Thompson from Pixabay
  • Hifi price at a 23% increase
  • New pairing MFT/USDT listed on Bittrex
  • Hifi Finance as a possible DeFi pioneer

YEREVAN (CoinChapter.com) — Hifi Finance’s native cryptocurrency (MFT) recorded a weekly high after listing on the Bittrex exchange. As a result, investors may start closing positions after a bullish five-candle.

The price of MFT has experienced a bullish breakout this week, hovering around $0.0082, which is a 16% daily increase and a 23% increase after the midweek dip. Since the breakout, Hifi has been escalating at around a 1.5% daily rate. The trading volume at the time of press is five times that of the weekly average.

Hifi, Hifi (MFT) hikes 23% after Bittrex listing; problematic profit-taking ahead?
MFT/USDT technical analysis. Source: TradingView.com

The bullish five-candle week has followed Hifi’s listing on Bittrex, the 24th global listing by trading volume. Although a comparatively small volume is trading on the platform, the new listing supposes heightened optimism in the blockchain community.

The market position

The announcement of the new market pairing on Twitter refers back to the lending technology. Hifi Finance has offered fixed-rate Ethereum-based lending/borrowing since February. Before the rebranding, Mainframe differentiated in the market for secure and uncensored media and messaging. Now, the focus on DeFi builds on the reputation of security. 

Hence, at this point, the competitive edge of MFT is fixed-rate lending. However, contrary to stable-rate borrowing, the lender’s interest is fixed irrespective of market movement. As a result, the security has an added value to the investor in the world of volatile cryptocurrencies.

Hifi Finance CEO Doug Leonard, in his article on DeFi earlier this month, suggested that:

“The DeFi sector would grow to surpass $100 billion in value — passing its stress test with flying colors.”

Doug Leonard on Cointelegraph

Juxtaposing decentralized vs centralized digital currencies, Leonard adds that both experienced large liquidations during the “panic sell-off ignited by juxtaposed decentralized vs. centralized digital currencies Musk.” Although, DEX protocols continued working perfectly contrary to CEX.

Related: DeFi boom underway as Bitcoin rally stalls: UNI, COMP, and MKR in focus

This may sound like blowing their own horn, but analysts believe in the potential of DeFi, no doubt. Just a few weeks ago, Forbes reported why this development in the blockchain world may surpass centralized digital assets.

Moreover, the unique proposition of Hifi may put the company in the forefront among DeFi pioneers. 

Is MFT really bullish?

However, It is questionable if the momentum will continue. Hitting the upper band of fluctuations, MFT is likely to return to the downward trend. As a result, short-term investors that have been experiencing continual dips may decide to take advantage of the sudden upswing. They could start closing positions that would break the sequence of green candles. 

Meanwhile, the death cross of June 17th continues in a growing divergence of moving averages, showing no signs of market recovery as of yet.

Related: You may lose everything in DeFi, finance academic warns

Nevertheless, the trading volume is growing in the buying position. This can mean that the upsurge has created optimism towards the development of Hifi Finance.

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