Key takeaways
- Hyperliquid’s native token HYPE is outperforming other major cryptocurrencies, rising about 5% over the past 24 hours.
- Bitcoin trades above $101,000, while HYPE is eyeing the $40 resistance level in the near term.
BTC, HYPE and others begin recovery
The crypto market turned notably bearish over the weekend, with Bitcoin briefly dipping below $99,000 on Sunday. Since then the market has staged a recovery, and Bitcoin is trading above $101,000.
HYPE, the native token of the Hyperliquid ecosystem, fell to $31 on Sunday but has rebounded to about $35.40 per token. If the current momentum holds, HYPE could push toward the $40 resistance in the coming sessions.
Over the past 12 months HYPE has been one of the top-performing tokens, rising roughly 1,000% and rapidly climbing to become the 11th-largest cryptocurrency by market capitalization.
Price action for HYPE remains noteworthy, and it is still uncertain whether the token will challenge Cardano for the 10th spot by market cap.
Is HYPE heading for $40?
Since setting a fresh all-time high near $45 seven days ago, HYPE has retraced about 21%. The broader market’s bearish tone weighed on the token, but the HYPE/USDT pair could target the $40 resistance if bulls sustain their recent rally.
On the 4-hour HYPE/USDT chart, the MACD remains in negative territory but appears to be moving toward a bullish crossover. The RSI sits around 48, indicating a move back into neutral territory and suggesting growing buying pressure.
If the recovery continues, HYPE could test the first resistance level near $38.50 within hours or days. A sustained rally could carry the token toward $40. Market dynamics remain vulnerable to external events, and the ongoing crisis in the Middle East continues to affect the wider cryptocurrency market’s performance.