Hyperliquid (HYPE) has experienced an 18% increase in value over the last 24 hours. This rise comes amidst a broader market trend of consolidation over the past week, with HYPE appreciating by 10% during this period.
The altcoin's growing demand hints at an imminent surpassing of the $25 price mark, potentially setting the stage for a push towards its all-time high. Let's explore the driving factors behind this momentum.
Analysis of HYPE's daily chart momentum indicators illustrates the altcoin's increasing demand. As of now, HYPE's price exceeds the Super Trend Indicator's green line, providing dynamic support at $19.27.
The Super Trend Indicator aids traders in determining market direction by positioning a line relative to the price chart based on volatility. When an asset like HYPE trades above this line, it suggests a bullish trend with dominant buying pressure.
Simultaneously, HYPE's ascending Relative Strength Index (RSI) underscores the bullish sentiment. Currently standing at 55.42 and trending upwards, the RSI measures an asset's market conditions. Values above 70 suggest overbought conditions, while values below 30 indicate an oversold state poised for rebound.
With the RSI at 55.42 and on the rise, HYPE shows increased momentum, suggesting a shift towards bullish market sentiment as its price continues to ascend.
If the uptrend sustains, HYPE's price could break the crucial $25 barrier. Successfully overcoming this resistance may propel the token's price beyond $29.33, approaching its all-time high of $35.17.
Nonetheless, should the current trend reverse with renewed selloffs, HYPE's price might retreat to $22.81.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.