Hyperliquid has been making waves in the crypto market this week, despite facing tough competition from Aster, which has dominated perpetual DEX volume with an impressive $185 billion in trading activity. In comparison, Hyperliquid’s HYPE token has lagged behind, but has shown remarkable resilience with a 6.22% daily gain, outperforming the broader crypto market’s 1.25% loss over the past 30 days.
The token’s price rebounded to $47.48, experiencing strong intraday movement between $43.03 and $47.72. This rally was sparked by HYPE’s recovery above its short-term pivot at $45.80 and clearing the 7-Day EMA at $46.50. However, resistance is now visible near $49.64, the 30-day SMA, and the psychological $50 mark.
Despite the positive price action, technical signals are mixed, with support at $44.19 indicating potential buying interest if selling resumes. The RSI sits at a neutral 46.68, while the MACD remains negative at -1.2, suggesting caution as momentum has not yet turned firmly bullish. Short-term traders may have triggered this rebound following a steep 20% decline from the September peak of $59.39.
Looking ahead, a close above $50 with strong trading volume could propel HYPE towards $54.83, signaling a bullish trend. Conversely, failure to hold current levels may lead to a retest of $44 support.
In terms of FAQs, investors may wonder why HYPE’s price surged today. The answer lies in the token’s recent NFT launch, technical breakout above $45.80, and renewed interest from alt-season trends attracting fresh capital into the ecosystem. Key levels for HYPE traders to monitor include support at $44.19 and resistance at $49.64 and $50, with a potential move towards $54.83 on a close above $50.
In conclusion, Hyperliquid’s HYPE token has shown resilience in the face of strong competition, with a recent price rebound and increased trading activity. While technical signals remain mixed, a bullish trend could be on the horizon if key resistance levels are breached. Investors will be closely monitoring HYPE’s performance in the coming days to gauge its potential for further growth.