HYPE price has climbed 5.10% over the past 24 hours, and this jump has turned the sentiment bullish as the asset approaches a key resistance level. However, a breakout above this key hurdle could open the door for more upside, while a potential reversal could also be on the horizon.
With a 5.10% gain, HYPE price is on the verge of making a new all-time high (ATH). In the past month, the asset surged over 61%, reached an ATH of $86.77, and is now approaching that level.
This notable price uptick in HYPE comes as big players like whales and trading firms dump millions of dollars' worth of tokens.
Data from crypto transaction trackers Onchain Lens and Lookonchain shared multiple reports disclosing that a whale and Multicoin Capital together offloaded a massive $96.33 million worth of HYPE tokens over the past 48 hours.
Some whales showed interest and confidence in the token. According to a Lookonchain report, a mysterious whale bought 430,224 HYPE tokens worth $35.1 million. Meanwhile, another newly created wallet also withdrew 94,149 HYPE tokens worth $7.66 million from FalconX, a crypto exchange.
Alongside these purchases, Onchain Lens reported that a whale execution wallet accumulated 155.98K HYPE worth $12.91 million at an average price of $82.77. The accumulated HYPE was withdrawn to a separate wallet and staked.
These accumulations and dumps together suggest mixed sentiment. In fact, they hint that some whales appear to be profit-booking, while some still believe HYPE has strong long-term potential.
At press time, the HYPE price climbed 5.10% over the past 24 hours and trades at $85.80 level. During the same period, the asset’s trading volume also jumped by over 40% to $1.46 billion, indicating heightened participation from traders and investors.
This growing trading volume alongside the price suggests that market participants are potentially interested in the current trend.
Now, the question is what's next for the HYPE price? Will the asset continue its upward momentum, or is a potential correction on the horizon?
According to the TradingView daily chart, HYPE is in an uptrend and is approaching a new ATH. However, the current level of $85.80 acts as a key barrier, as the asset continues to face reversals from this level.
Over the past seven days, the HYPE price has approached this level multiple times, and each time, it has faced selling pressure and a downside move.
Based on the current price action, if HYPE continues its upward move this time and clears the $86.77 level, then the asset could see a further rally. However, if the asset fails to clear the ATH, or the key hurdle, then history may repeat itself, and in this case, the price could face selling pressure and a downside move.
At press time, HYPE’s Average Directional Index (ADX) reads 51.73, above the key threshold of 25, indicating strong trend strength.
From the derivatives perspective, it appears that intraday traders are following the current trend. According to CoinGlass's HYPE exchange liquidation map show that the $82 level and the $87.30 level are the key liquidation levels.
At these levels, traders are over-leveraged and have built $31.18 million worth of long positions and $12.20 million worth of short positions. These bets show the bulls' dominance over the asset, while the bears seem to be exhausted.
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