Hifi Finance (MFT) crypto's volume just zoomed over 3000%. Here's why

Hifi Finance (MFT) crypto seems to be on a bull run late. This unique crypto has rallied by over 73% and over 50% in the past 30 days and over the past week, respectively. MFT crypto lets the users borrow against the crypto users to borrow tokenised assets and settle it at a future date. Besides, it offers its users an instant swapping facility and rewards.

On Thursday, the MFT crypto was rallying by over 40% along with a volume gain of over 3000% at 6:00 AM (GMT +1), according to CoinMarketCap.

What's the reason for MFT crypto's rise? 

One of the reasons for the MFT crypto's rise may be due to its recent gains. Although the chart does indicate instances while it has witnessed a dip, it has seen more greens off late than red. 

Launched by Mick Hagen, the MFT crypto attracts crypto enthusiasts as it manages to resolves the issues of censorship and security. It employs blockchain's distinctive privacy characteristics to ensure that the protocol is more secure. Besides, an enhanced encryption service safeguards the privacy of the network and users can safely transfer files or create DApps and store data. 

MFT charts reveal a sudden spike in the RSI value of the token. The MFT crypto's RSI stood at 81.88 during the intra-day trading, indicating the market activity is high in the token. 

Image credit: Trading View

Even from the MACD perspective, a sudden upward momentum in the token courtesy of the volume gain. The momentum has resulted in the MACD line (indicated in blue) climbing well above the signal line with it getting stronger.  

How is MFT price faring?  

The 346th-ranked token on Thursday was trading at US$0.006984 with a trading volume of US$64,08,30,020 as per CoinMarketCap. The Hifi Finance crypto enjoyed a live market cap of US $6,98,35,725. 

The MFT crypto's rally today may also be due to the recent gains that the overall crypto market witnessed. In fact, as of today, the overall market cap has gained over 7%. The overall market cap stood at US$1.16 trillion. But crypto markets are often fickle, and one needs to be careful while venturing into the market. Hence, one must do requisite market research to ensure they don't take the wrong investment decisions.   

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