- HYPE rose 46.98%, reaching an all-time high of $13.08 with a market cap of $3.43B.
- Technical indicators show bullish momentum and considerable buying demand.
Hyperliquid has just witnessed the craze surrounding its HYPE token, and the cryptocurrency is on fire at the moment, trading at $12.67, while the token reached a new all-time high of $13.08 earlier in the day, an absolutely incredible 46.98% leap.
HYPE continues to outpace many tokens with a market cap of $3.43 billion and a volume-to-market cap ratio of 7.5%. Its fully diluted valuation stands at an impressive $12.67 billion. Since its introduction on November 29, the token’s value has increased by more than 200%, reflecting its dominance in decentralized perpetual trading.
Key Drivers of HYPE’s Growth
The trading chart for HYPE shows resistance at $0.114 and support at $0.108. A break above that resistance may push the token further above to $0.116 and below the support, sending the token to $0.105 and lower.
RSIs are at 47.12, therefore a little above than the average RSI of 41.61. Such a condition places the token in a neutral zone where price stability is hinted at but also potential momentum shifts. The MA for the token indicates an upward momentum and thus upholds bullish sentiments.
Capital inflows also seem healthy as the Chaikin Money Flow is at 0.12. The indicator reflects significant buying pressure, thus adding more credibility to the surge of the token in the short term.
Hyperliquid’s blockchain platform, developed with a concept of perpetual trading, emerged as the trading volume and total value locked leader. In the last 24 hours, HYPE’s ecosystem traded $272.71 million, demonstrating a high growth rate. And as of writing, Hyperliquid (HYPE) is trading at $13.46 and surged to 12.99% in the last 24 hours.
The innovative features on the platform and increasing market traction cement the growth prospects of HYPE. From a technical and fundamental perspective, when the market matures, the token shows promising performance.
HYPE has firmly positioned itself as one of the most exciting tokens currently in the crypto market, given its explosive performance and sustained bullish momentum.
