Stafi FIS Surged +285% In A Single Day After BSC Bridge Integrated Into The RToken App

Stafi Protocol FIS is trading in an uptrend, like many other Altcoins. The cryptocurrency FIS just went up +285% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +315% in a week.

What is Stafi Protocol?

Stafi FIS (short for Staking Finance) is a DeFi protocol that aims to unlock the liquidity of staked assets. STAFI Protocol solves the contradiction between the token liquidity and Mainnet security by issuing ABT tokens, which provide the liquidity of your Staking Assets. ABT token increases the staking rate to a higher level 100%, theoretically, and it could be tradable, its security is guided by STAFI Protocol which ensures ABT token is the only collateral that can apply to redeem staking assets from the original staking blockchain Tezos, Cosmos, Polkadot, etc.

FIS Price Analysis

At the time of writing, FIS is ranked 613^th cryptocurrency globally and the current price is A$3.19. This represents a +315% increase since July 31, 2021 (seven days ago), as shown in the chart below.

After looking at the above 1-Hour candle chart, we can clearly see that FIS was trading inside the rising wedge pattern on the FIS/USDT pair. The first resistance was on the A$1.42 price levels, which FIS broke with a strong bullish trend buying volume and is now heading towards the previous high price at A$3.26. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price recovery, FIS may continue to increase in the uptrend if traders keep buying with high volume.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”

What Do the Technical Indicators Say?

TradingView indicators (on the one-day window) mainly suggest FIS as a Strong Buy, except the Oscillators, which indicate FIS as a Neutral.

So Why Did FIS Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent massive price corrections. Another reason for this sudden pump in price could be whales secretly buying FIS for the next Altcoins rally. Recent news was also announced regarding BSC Bridge integrated into the rToken app.