As Hyperliquid (HYPE) Climbs 12%, Can Bulls Drive the Token to a New High Above $40?

• Hyperliquid has gained over 12%, now trading at $37.
• HYPE’s daily trading volume has surged by 76%.

The brief recovery of the crypto market has supported the asset prices to escape from their bearish hold. Bitcoin hovers at around $105.2K, and Ethereum trades at the $2.6K range. Turning attention to the altcoins, Hyperliquid (HYPE) has landed among the top five gainers, registering a double-digit surge of over 12.93% in the last 24 hours

With the bearish pressure in the early hours, the altcoin has likely dropped to its daily low at the range of $22.52. Gradually, the emerging bulls have pushed Hyperliquid to trade at a high of around the $37.06 level. To reach this mark, HYPE has broken its crucial resistance between $33.28 and $36.95 to confirm the bullish wave

At the time of writing, Hyperliquid traded at $37, with its market cap reaching $12.45 billion. Moreover, the daily trading volume has surged by over 76.83%, touching $329 million

HYPE has gained by over 81.60% in the last thirty days. The asset has opened the month trading at around $19, and the bullish pressure has pushed it to a monthly high in the range of $39.

On the other hand, two whales collectively bought 138,597 HYPE tokens worth around $5 million. One whale acquired 110,824 HYPE for $3.99 million at $36, while the other purchased 27,773 HYPE for $1.01 million.

Hyperliquid on the Rise: How Much Higher Can It Go?

Assuming the in-progress upside momentum of Hyperliquid continues, it could ascend to the range of $36.50. In the event of the asset’s market turning highly bullish, the golden cross might take charge, pushing HYPE to the $37 mark, moving to its former highs

In defiance, if HYPE’s uptrend reverses, the asset could slip to its nearby support at around $35.80. A steady plunge in the Hyperliquid price might likely trigger the death cross to emerge, and send the price even lower toward its established lows

*HYPE chart (Source: TradingView)*Hyperliquid’s Moving Average Convergence Divergence (MACD) line is settled above the signal line, confirming the bullish crossover in the market. It suggests that the buying pressure is increasing and potential upward price movement may follow. Besides, the daily relative strength index (RSI) of the asset resting at 63.99 indicates that HYPE is in bullish territory, and it still has room to climb before hitting the overbought zone

Additionally, the Bull Bear Power (BBP) indicator found at 3.108 implies that the bulls are stronger than bears in the market; the asset may continue to move upward unless resistance is met. HYPE’s short-term 9-day moving average is situated above the long-term 21-day moving average.

Highlighted Crypto News

Bear Territory Ahead? XRP Holds Its Breath at Key Support