Bitcoin, Ether, and XRP have recorded excellent gains over the last 24 hours.

The bullish trend has seen Bitcoin reclaim the $106k level, while Ether is eyeing the $3,700 resistance zone.

Other leading altcoins are not left behind, with Hyperliquid’s HYPE one of the leading performers among the top 20 cryptocurrencies by market cap.

The recent rally has allowed HYPE to reclaim the $40 mark and could record further gains in the near term.

HYPE has performed excellently in recent days and could be on the verge of a bullish breakout after surpassing the $40 mark earlier today.

The native coin of the perpetual Decentralised Exchange (DEX) has seen growing DeFi Total Value Locked (TVL) and rising retail demand over the past few days. 

Data obtained from DeFiLlama reveals that Hyperliquid’s Decentralized Finance (DeFi) Total Value Locked (TVL) is up by nearly 4% over the last 24 hours to $4.82 billion.

This suggests that investors are increasing their exposure to staking protocols within the Hyperliquid ecosystem as they have confidence in HYPE’s ability to sustain short-term recovery.

The higher the staking volume, the lower the potential selling pressure in the market, creating a suitable environment for a sustainable price surge. 

In addition to that, data from CoinGlass shows that traders are increasing their HYPE long positions.

The Open Interest-Weighted Funding Rate metric increased to 0.0085% on Monday from 0.0060% on Sunday.

If risk-on sentiment increases over the coming days, investors will likely increase their exposure to HYPE, and the cryptocurrency could rally higher, targeting the $50 psychological level in the near term. 

The HYPE/USDT 4-hour chart is bullish and efficient, as Hyperliquid has performed positively over the past few days.

Technical indicators show that the bulls are slowly regaining control alongside the broader cryptocurrency market.

Currently, HYPE is trading below the confluence of the 50-day and 100-day Exponential Moving Averages (EMAs) at around $42.

The 4-hour Relative Strength Index (RSI) reads 54, which is above the neutral 50, suggesting that buyers are regaining control of the market. 

Furthermore, traders are also focusing on HYPE/USDT’s Moving Average Convergence Divergence (MACD) indicator, which crossed over into the bullish territory a few days ago.

The crossover flashed a bullish signal, encouraging investors to increase their risk exposure to the pair. 

If the bullish recovery continues, HYPE could rally towards the $50 psychological level for the first time since October 30th.

However, failure to build on this momentum could see HYPE retest its 200-day EMA at $37.22 in the coming hours.

The $37 support level will likely hold and provide a springboard for HYPE to rally higher in the near to medium term.

The post HYPE tops $42 amid growing retail demand; Check forecast appeared first on Invezz

Bitcoin price in Telegram @btc_price_every_hour

567 +