HYPE could rally to $40 as market recovers
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.
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.
