Key insights
- Hyperliquid’s HYPE outperforms many major cryptocurrencies, gaining 5% in value over the past 24 hours.
- Bitcoin trades above $101,000, while HYPE faces a near-term resistance level around $40.
BTC, HYPE and others begin to recover
The cryptocurrency market turned sharply bearish over the weekend, with Bitcoin dipping below $99,000 on Sunday. Since then the market has shown signs of recovery, and Bitcoin is now trading above $101,000.
HYPE, the native token of the Hyperliquid ecosystem, fell to $31 on Sunday but has rebounded to $35.40. If bullish momentum holds, HYPE could gather strength toward the $40 resistance level in the near term.
Over the past 12 months HYPE has been one of the top performers, rising roughly 1,000% and advancing to become the 11th-largest cryptocurrency by market capitalization during this period.
HYPE’s price action remains noteworthy, and it remains to be seen whether the token can challenge Cardano for the number 10 spot in market rankings.
Is HYPE headed to $40?
HYPE has retraced about 21% from its all-time high of $45 set seven days ago. With the broader market under pressure, the token surrendered some gains. Still, the HYPE/USDT pair could move toward the $40 resistance area if buyers continue their recent rally.
The 4-hour HYPE/USDT chart shows the MACD remains in negative territory but could cross into positive soon. The RSI reading around 48 suggests the token is moving into neutral territory, indicating renewed buying interest.
If the bullish recovery continues, HYPE may attempt to test the first resistance near $38.50 in the coming hours or days. With sustained buying pressure, the token could push toward $40. However, ongoing tensions in the Middle East remain a material risk that could continue to impact overall cryptocurrency market performance.