Prices have outperformed 99 out of the top 100 cryptocurrencies this month with a tremendous triple-digit price increase. With this, this altcoin has returned to the interest of whale investors and institutions.
Moreover, with James Wynn closing his $1.2 billion BTC position on Hyperliquid, this altcoin gained significant momentum over the past 48 hours. This led it to reach its all-time high price of $39.93 yesterday. With a market capitalization of $12.58 billion, SUI surpassed to become the 11th largest cryptocurrency.
By assessing the current market sentiment, investors are curious about the short-term price prospects of this altcoin. In this article, we will understand the fundamentals and potential price prediction for HYPE this week.
The price of Hyperliquid is recording a 2x increase this month
The price of Hyperliquid has shown a consistently positive trend in its chart since April. Notably, this altcoin added about 1% to its value in 24 hours and 47% over the past seven days. Furthermore, it has risen by 110.15% over the last thirty days and has a year-to-date (YTD) return of 57.85%.
Hype/Usdt Price Chart
Source: TradingView (#hype /USDT)
The simple moving average (SMA) is showing a sharp increase in the price of Hyperliquid on the daily timeframe. This indicates increasing positive activity for this altcoin in the cryptocurrency market.
Additionally, the MACD indicator has shown a consistently green chart since the beginning of April. Furthermore, the 12 and 26-day moving averages have shown a steady rise, indicating a positive outlook for one of the largest cryptocurrencies in the near term.
Will the price of HYPE continue to gain momentum?
If the bulls regain momentum, it could lead to this altcoin re-testing its all-time high price of $39.93 soon. Moreover, if positive sentiment strengthens at that time, it may push the price of this altcoin towards the upper target price of $45 next month.
Conversely, if the cryptocurrency market experiences increased sell pressure, the price of HYPE could decline towards its support level of $35. Furthermore, if the bulls fail to regain momentum at that time, the price of Hyperliquid could drop towards the lower support level of $30 in the near future.
