The Hyperliquid price has outperformed 99 out of top 100 cryptocurrencies this month with a massive three-digit price rally. With this, the altcoin is back under the radar of whale investors and institutes.
Moreover, with James Wynn closing his $1.2 billion BTC position on Hyperliquid, this altcoin had gained major traction over the last 48 hours. This has resulted in it achieving a new ATH of $39.93 yesterday. With a market cap of $12.58 billion, it has surpassed SUI to become the 11th largest crypto.
By evaluating the present market sentiments, investors are curious about the short-term price prospects of this altcoin. In this article, we will understand the fundamentals and possible HYPE price prediction for this week.
Hyperliquid Price Records 2x Rally This Month
The Hyperliquid price has displayed a constant bullish action in its chart since April. Notably, this altcoin has added approximately 1% to its valuation in 24 hours and 47% over the past seven days. Moreover, it has skyrocketed 110.15% during the last 30 days and has a Year-to-Date (YTD) return 57.85%.
The Simple Moving Average (SMA) records a sharp rise in the Hyperliquid price chart in the daily time frame. This hints at increased bullish action for the altcoin in the cryptocurrency market.
Moreover, the MACD indicator has displayed a constant green histogram since April started. Adding to this, the 12 & 26-day EMA witnessed a steady rise, suggesting a positive outlook for the 11th largest cryptocurrency token in the upcoming time.
Will HYPE Price Continue Gaining Momentum?
If the bulls regain momentum, this could result in this altcoin retesting its ATH of $39.93 soon. Moreover, if the bullish sentiment intensifies at that point, this may push the price of this altcoin toward its upper target price of $45 next month.
On the contrary, if the crypto market experiences increased selling pressure, the HYPE coin price could drop toward its support of $35. Furthermore, if the bulls fail to regain momentum at that point, the price of Hyperliquid price may plunge toward its lower support level of $30 in the upcoming time.
Also Read: Standard Chartered Eyes Solana Price to $275, Here’s the Timeline
