Hyperliquid (HYPE) has seen an 18% surge in value over the past 24 hours. Despite the broader market consolidation throughout the past week, HYPE’s price has continued to climb, rising by 10% during that period.
With the strengthening demand for the altcoin and a potential rise above the $25 price on the horizon, an upward momentum toward the token’s all-time high could be triggered. Here is how.
Hyperliquid’s Demand Rockets
An assessment of HYPE’s key momentum indicators on the daily chart reflects the growing demand for the altcoin. For example, as of this writing, HYPE’s price rests above the green line of its Super Trend Indicator, which forms dynamic support at $19.27.
This indicator helps traders identify the market’s direction by placing a line above or below the price chart based on the asset’s volatility. As with HYPE, when an asset’s price trades above the Super Trend line, it signals a bullish trend, indicating that the market is in an uptrend and buying pressure is dominant.
Further, HYPE’s rising Relative Strength Index (RSI) reflects the bullish bias toward it. At press time, the RSI is at 55.42 and in an upward trend.
The RSI indicator measures an asset’s oversold and overbought market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and may witness a correction. Conversely, values below 30 indicate that it is oversold and due for a rebound.
At 55.42 and in an uptrend, HYPE’s RSI indicates that the asset is gaining momentum, with more buying pressure than selling. This suggests that the market is shifting toward a bullish trend as the price continues to increase.
HYPE Price Prediction: The $25 Level Will Decide the Next Move
A sustained uptrend will push HYPE’s price above the critical $25 zone. A successful breach of this key resistance level could propel the token’s price past $29.33 and toward its all-time high of $35.17.
However, if the current trend stalls and selloffs resume, HYPE’s price could drop to $22.81.
Disclaimer
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