Key Points
The Hyper Liquid coin $HYPE outperformed other major cryptocurrencies, increasing its value by 5% over the past 24 hours.
Bitcoin is trading above $101,000, now targeting $HYPE the $40 resistance level in the near term.
Bitcoin, #HYPE , and other coins begin to recover
The cryptocurrency experienced a sharp decline over the weekend, with Bitcoin's price dropping below $99,000 on Sunday. However, the market has started to recover, with Bitcoin now trading above $101,000.
The price of $HYPE , the main cryptocurrency in the Hyper Liquid ecosystem, dropped to $31 on Sunday, but it is now trading at $35.40. If this upward momentum continues, HYPE could rise towards the $40 resistance level in the near term.
The Hyper Liquid coin HYPE has been among the best-performing coins over the past twelve months. The coin's value increased by 1000% during that period, rapidly rising to become the eleventh largest by market capitalization among cryptocurrencies.
The price of HYPE remains interesting, and it remains to be seen whether it will compete with Cardano for the tenth position in the market.
Is HYPE heading towards $40?
HYPE has lost 21% of its value since reaching its all-time high of $45 seven days ago. With the market declining overall, HYPE has lost some of its value. However, the pair #HYPEUSDT may head towards the $40 resistance level if the bulls continue their recent rise.
The HYPE/USDT chart over 4 hours shows that the MACD indicator is still in the negative zone, but it may soon trend into the positive zone. The Relative Strength Index (RSI) of 48 indicates that HYPE is heading towards the neutral zone, suggesting buying pressure.
If the upward recovery continues, HYPE may test the first resistance level at $38.50 in the coming hours or days. The price could rise towards $40 if the bullish performance persists. However, the ongoing crisis in the Middle East continues to significantly impact the overall performance of the cryptocurrency market.
