The pullback in the cryptocurrency market has been brutal over the past few days, resulting in substantial losses for numerous altcoins.
However, Hyperliquid (HYPE) remains well in the green on a weekly scale, and some analysts believe there might be more fuel left for additional gains.
As of this writing, HYPE trades at around $32, representing a nearly 45% increase from last Monday’s price. Its impressive performance contrasts with that of many other well-known cryptocurrencies, including Ethereum (ETH), Ripple (XRP), Solana (SOL), Cardano (ADA), and others, which plunged by double digits over that period.
X user Sjull | AltCryptoGems noted HYPE’s rise in the past days, adding that there’s been “a trading boom” with investors interested in silver and gold on Hyperliquid’s platform.
“This has given HYPE reduced selling pressure and a technical breakout,” he claimed.
According to X user Altcoin Sherpa, HYPE may experience enhanced volatility in the short term and then pump further. “Hyperliquid has held up as one of the best alts during the latest market downtrend for bitcoin, and I don’t expect that to change. Still ranging and still 1 of the best alts. I would be cautious on any active positions personally with the way bitcoin is behaving, and it’s prob better to just buy spot,” the analyst stated.
Other market observers who chipped in include X users Mizer and Crypto Chase. The former applauded HYPE for “holding insanely well” these turbulent times, predicting the price is ready “to turbo send.”
“It’s unclear if this is or isn’t the (local) bottom, but if you are looking for any kind of long exposure, I think you should have HYPE in your basket before anything else,” they said.
Crypto Chase revealed that they turned their HYPE trade into a spot position “while in profit.” The analyst plans to increase their exposure if the price “breaks down in a major way,” but expects it to eventually retest $50+ once Bitcoin (BTC) finds “a sustained bounce.”
While many industry participants think HYPE could continue its impressive performance in the near future, the Relative Strength Index (RSI) signals potential pullback ahead.
The technical analysis tool ranges from 0 to 100 and measures the speed and magnitude of recent price changes. Anything below 30 means the asset is oversold and could be due for a rally, while ratios above 70 are interpreted as bearish territory. The RSI recently spiked beyond 70, while it is currently set at around 66.
In the meantime, the market remains quite shaky and leaves open the risk of another pullback, which could impact HYPE, so investors should tread carefully.
The post Hyperliquid (HYPE) Defies the Sell-Off With a 45% Weekly Gain: More Upside Ahead? appeared first on CryptoPotato.
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