HEMI price shot up roughly 110% after securing a listing on crypto exchange Binance, against the backdrop of a booming DeFi ecosystem.
Summary
- HEMI price rallied over 110% following its Binance spot listing.
- TVL locked across Hemi’s DeFi protocols had hit $1.2 billion.
- Technical indicators signal that some selloff could be on the horizon.
According to data from crypto.news, Hemi (HEMI) rose to an intraday high of $0.17 on Sep. 23 before settling at $0.14 as of press time. At this price, it currently stands 180% above its weekly low and over 600% from its lowest point seen in late August.
Its daily trading volume spiked sevenfold over the previous day at nearly $420 million and was significantly higher than its market cap, which stood at $146.5 million as of this writing, indicating robust demand from traders.
On Sep. 23, Binance announced that it would list HEMI for spot trading and also host an airdrop of 1% of the max HEMI supply, which resembles roughly 100 million HEMI tokens.
As the world’s largest crypto exchange by volume, securing a spot on Binance bodes well for most cryptocurrencies, and launch days are often met with heavy volatility on both sides.
Subsequently, HEMI was also listed across a number of other centralized crypto exchanges, such as Crypto.com and Bitget, among others.
Today’s rally extends gains accrued by the token since its debut on the Gate crypto exchange on Sep. 19. On the weekly timeframe, HEMI is up over 146% and its rally has also been supported by the strong growth of its DeFi ecosystem.
According to the project’s official X account, as of Sep. 23, the total value locked across Hemi had hit $1.2 billion. Further, its DeFi ecosystem houses over 90 active protocols, and more than 100k verified users.
Strong DeFi activity typically means a project is attracting consistent user participation and capital inflows across multiple products, which in turn helps validate its core utility and adds to investor confidence in the sustainability of both the token and the ecosystem surrounding it.
Amidst this backdrop, HEMI was briefly the top trending token on crypto price aggregator CoinMarketCap, which further confirms the heightened retail interest.
The daily chart shows that following the token’s rally today, HEMI price was trading significantly higher than all of its moving averages. Specifically, HEMI was trading 100% above the 50-day SMA and 133% higher than the 100-day SMA.
While such a setup hints that buyers are dictating market direction, it can also be the precursor to some short-term pullback, especially since the RSI reading at 70 indicates it is currently overbought.
Based on this setup, the key support level currently stands at $0.07, the 50-day SMA, with immediate support at $0.10.
If bulls can maintain their control, HEMI is likely to retest its recent local peak at $0.177. A decisive breakout above this level could open the way for a move toward the $0.20 psychological resistance. This bullish target stands about 43% above the current price.
What is Hemi?
Hemi is a modular Layer-2 protocol that merges the security of Bitcoin with the programmability of Ethereum. Built around the Hemi Virtual Machine (hVM), it integrates a full Bitcoin node within an EVM-compatible environment, enabling developers to build smart contracts that directly interact with Bitcoin data without relying on wrapped or synthetic assets.
The network employs a Proof-of-Proof (PoP) consensus model, which anchors its security to the Bitcoin blockchain while maintaining the speed and flexibility of Ethereum-style execution. This design allows HEMI to offer both deep settlement assurances and a scalable environment for decentralized applications.
Hemi’s native token, HEMI, serves as the core asset for staking, network fees, and governance on the network.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
