coinjournal.net
Key takeaways
- Hyperliquid’s $HYPE outperforms the other major cryptocurrencies, adding 5% to its value in the last 24 hours.
- Bitcoin is trading above $101k, with $HYPE now eyeing the $40 resistance level in the near term.
BTC, $HYPE, Others Begin Recovery
The cryptocurrency was extremely bearish over the weekend, with Bitcoin dropping below the $99k level on Sunday. However, the market has begun to recover, with Bitcoin now trading above $101k.
$HYPE, the native coin of the Hyperliquid ecosystem, dropped to $31 on Sunday but is now trading at $35.40 per coin. If the bullish momentum is sustained, $HYPE could rally towards the $40 resistance level in the near term.
Hyperliquid’s $HYPE has been one of the top performers over the last 12 months. The coin added 1,000% to its value during that period and quickly rose to become the 11th-largest cryptocurrency by market cap.
$HYPE’s price action remains interesting and it remains to be seen if it would challenge Cardano for the number 10 spot in the market.
Is $HYPE heading towards $40?
$HYPE has lost 21% of its value since hitting a new all-time high of $45 seven days ago. With the broader market bearish, $HYPE has lost some of its value. However, the $HYPE/$USDT pair could be heading to the $40 resistance level if the bulls continue with their recent rally.
The $HYPE/$USDT 4-hour chart shows that the MACD is still within the negative zone but could be heading into the positive area soon. The RSI of 48 also shows that $HYPE is heading into the neutral zone, indicating buying pressure.
$HYPE/$USDT 4H chart">
If the bullish recovery persists, $HYPE could look to test the first resistance level at $38.50 in the coming hours or days. The coin could rally towards the $40 level in the event of an extended bullish performance. However, the ongoing crisis in the Middle East continues to significantly impact the broader cryptocurrency market’s performance.