Cryptocurrencies recorded notable upsurges over the past day as Bitcoin hovered above $105,000.
While top altcoins such as Sui (+12%) and LINK (+6%) mirror the bullish trends, Hyperliquid’s native HYPE stole the show with significant gains on its 24-hour chart.
HYPE surged by over 17% from a daily low of $22.14 to surpass $26.
The substantial jump propelled the alt’s price past the 20-day EMA crucial resistance.
The hurdle, which coincides with $23.12, has prevented HYPE upswings since the US inauguration-triggered slides.
Furthermore, the digital coin has flipped the resistance to support, confirming a decisive trend shift and possibilities of continued rallies.
HYPE turns crucial hurdle to support
The 1D chart shows Hyperliquid’s altcoin changing hands above the 20-day Exponential Moving Average.
The EMA measures the token’s average price within the past twenty days to determine the weight of current trends.
A move past the 20-day EMA confirms momentum change, often suggesting a bullish comeback.
HYPE changes hands at $26.14, with the resistance-turned-support offering a Launchpad for significant uptrends.
Surging demand supports an upside trajectory
HYPE’s gains coincide with demand resurgence, which amplifies its bullish stance.
The Chaikin Money Flow has maintained steady uptrends since bouncing from -0.14 on January 27 to +0.27 at press time.
Source: TradingView
That confirms renewed accumulations and a trend shift to bullishness.
The CMF measures money entering and leaving an asset’s ecosystem.
Values beyond zero demonstrate significant buying momentum, with accumulation eclipses distribution.
Moreover, HYPE’s price wavers above the Supertrend’s green line on the 4H timeframe, with a dynamic support zone at $21.80.
Traders use the Supertrend indicator to determine the asset’s direction based on its volatility.
Prices above this signal suggest a bullish bias, confirming buyer dominance.
The Moving Average Convergence Divergence highlights the optimistic bias with a bullish crossover with the signal line.
Moreover, the 1D Relative Strength Index, reading 57, suggests room for more HYPE gains.
The RSI measures the token’s momentum, determining its overbought or oversold conditions at a 0 – 100 scale.
Figures beyond 70 confirm overbought situations and possible retracements, while values below 30 reflect oversold and imminent rebounds.
HYPE’s RSI highlights more uptrends before the alt hits the overbought region.
HYPE price outlook: what next
The altcoin trades above $26 after gaining nearly 20% in the past 24 hours.
Chart by Coinmarketcap
It boasts impressive bullishness after overcoming the 20-day EMA obstacle.
HYPE bulls target the resistance at $27.50- beyond which the alt will soar to December 2024 levels above $30.
Such developments will potentially open the gates for Hyperliquid’s ATH at $35.
However, potential profit booking after the latest gains will invalidate the upside journey.
HYPE could plunge towards the $23.12 support before extending to $18.50 – a 40% plunge from current prices.
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