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</div>The price of HIFI Finance’s HIFI token has skyrocketed over the past few days, gaining 75.67% in the last week and a whopping 46.38% in just the last 24 hours. This massive pump has traders curious – what is driving the meteoric rise in this Ethereum-based lending protocol token? 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="509" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-234-1024x509.png" alt="" class="wp-image-374282" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-234-1024x509.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-234-300x149.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-234-767x381.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-234-1536x763.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-234-2048x1017.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-234-302x150.png 302w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-234-100x50.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-234-705x350.png 705w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-234-788x391.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-234.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="surging-korean-demand">Surging Korean Demand</h2>
<p>According to<a href="https://twitter.com/lookonchain/status/1722916869026480162?t=vMHZVUaa5wMmkOndePYoLQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow"> analysis from Lookonchain</a>, much of the trading volume for HIFI is coming out of Korea, specifically the Upbit exchange. Upbit accounts for over 70% of total volume, and HIFI is trading at a premium of 1.2% on Upbit compared to Binance. This localized surge in demand goes a long way towards explaining the pump.</p>
<h2 class="wp-block-heading" id="supply-locked-on-exchanges">Supply Locked on Exchanges</h2>
<p>Lookonchain also notes that exchanges hold around 85% of the total HIFI supply right now, with Upbit alone accounting for 54% of all HIFI tokens. This means the float for active trading is quite small relative to total supply, leading to exaggerated price moves.</p>
<h2 class="wp-block-heading" id="few-token-holders">Few Token Holders</h2>
<p>Additionally, the top 20 HIFI holders own 95% of the total supply. This concentration of HIFI among just a few whale wallets adds to the supply scarcity as most tokens are not freely trading. With strong demand growth against constrained supply, the price spike makes sense.</p>
<h2 class="wp-block-heading" id="smooth-sailing-higher">Smooth Sailing Higher?</h2>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="594" height="1024" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-233-594x1024.png" alt="" class="wp-image-374274" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-233-594x1024.png 594w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-233-174x300.png 174w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-233-768x1324.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-233-891x1536.png 891w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-233-1188x2048.png 1188w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-233-87x150.png 87w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-233-100x172.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-233-203x350.png 203w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-233-788x1359.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-233.png 1133w" sizes="(max-width: 594px) 100vw, 594px">
</figure>
<p>According to <a href="https://twitter.com/NasiriQudrat/status/1722902386937929998?t=ZYHrZKUG36Cm5FR9mrS5mg&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">analyst Qudrat Nasiri</a>, HIFI may continue surging as there is little resistance overhead. However, Nasiri cautions that HIFI is overbought on all timeframes after this parabolic move, so a retracement towards the $0.92 level is likely before more upside.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/will-history-repeat-as-solana-sol-faces-tough-resistance-again/" target="_blank" rel="noopener noreferrer nofollow">Will History Repeat as Solana (SOL) Faces Tough Resistance Again?</a></li>
 <li><a href="https://captainaltcoin.com/polygon-market-cap-surges-54-in-3-weeks-as-whales-continue-to-accumulate-matic/" target="_blank" rel="noopener noreferrer nofollow">Polygon Market Cap Surges +54% in 3 Weeks as Whales Continue to Accumulate MATIC</a></li>
 <li><a href="https://captainaltcoin.com/bitcoin-etf-token-crosses-100k-with-btc-price-surge-1-day-left-in-the-presale-stage/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETF Token Crosses $100K With BTC Price Surge – 1 Day Left in the Presale Stage</a></li>
</ul>
<p>In summary, constrained supply and spiking demand, especially from Korea, explains the tremendous pump in HIFI recently. While more upside is possible long-term, a pullback may happen first to cool off overheated technical indicators before the next leg higher. Traders will be monitoring HIFI closely for entries on both the long and short side.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-hifi-pumping-analyst-sees-no-resistance-above/" rel="noopener noreferrer nofollow">Why Is HIFI Pumping? Analyst Sees No Resistance Above</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is HIFI Pumping? Analyst Sees No Resistance Above

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