Key takeaways
- Hyperliquid’s HYPE outperformed other major cryptocurrencies, gaining about 5% in the last 24 hours.
- Bitcoin is trading above $101,000, while HYPE is targeting a short-term resistance level near $40.
BTC, HYPE and others begin to rebound
Cryptocurrencies were sharply bearish over the weekend, with Bitcoin slipping below $99,000 on Sunday. The market has since started to recover, and Bitcoin now trades above $101,000.
HYPE, the native token of the Hyperliquid ecosystem, fell to $31 on Sunday but is now trading around $35.40. If bullish momentum continues, HYPE could approach the $40 resistance level in the short term.
Over the past 12 months HYPE has been one of the top performers, rising roughly 1,000% and quickly climbing to become the 11th-largest cryptocurrency by market capitalization.
HYPE’s price action remains notable, and it remains to be seen whether the token can challenge Cardano for the number 10 spot in market ranking.
Is HYPE heading for $40?
HYPE has declined about 21% since it reached a fresh all-time high of $45 seven days ago. As the broader market turned bearish, HYPE gave up some gains. Still, the $HYPE/USDT pair could move toward the $40 resistance level if buyers sustain the recent rally.
The 4-hour HYPE/USDT chart shows the MACD remains in negative territory but looks poised to move toward positive territory soon. The RSI sits near 48, indicating a move toward neutral territory and suggesting growing buying pressure.
If the bullish rebound continues, HYPE may test the first resistance around $38.50 within hours or days. Sustained upside momentum could push the token toward $40. However, the ongoing crisis in the Middle East continues to exert significant influence on the broader cryptocurrency market’s performance.