Coinspeaker Can Hyperliquid (HYPE) Reach $38 Amid North Korean Activity Concerns?
With Bitcoin BTC $98 438 24h volatility: 5.8% Market cap: $1.95 T Vol. 24h: $51.73 B struggling for a bullish comeback from the $94,000 support level, Hyperliquid HYPE $29.98 24h volatility: 7.3% Market cap: $10.02 B Vol. 24h: $432.75 M is preparing for a new bullish cycle.
Hyperliquid is a crypto-derivatives trading platform powered by its proprietary HyperBFT consensus. It offers gas-free perpetual futures trading directly on its blockchain.
With a 2.91% surge during the last 24 hours, Hyperliquid plans to extend its 30-day bullish run of 785% as the New Year’s Eve inches closer.
Hyperliquid (HYPE) Ready For Take Off!
Currently, the HYPE token is trading at $28.31, preparing for a bounce back with an intraday growth of 1.37%. In the 4-hour chart, the HYPE price action reveals a rising channel pattern.
Currently, the Hyperliquid token is trading near the local support trend line. However, with the intraday recovery and lower price rejection, the altcoin is preparing to increase its resistance to $29.49, adding support to the bullish recovery chances.
The MACD and Signal lines are preparing for a bullish crossover. Furthermore, the 4-hour RSI line has started a recovery run to cross the halfway line.
Hence, the momentum indicators are reflecting a shift in trend polarity, increasing the bullish chances. The breakout rally could reach the $34.48 previous peak.
This increases the chances of Hyperliquid reaching the overhead resistance trend line near the $38.22 mark. On the flip side, in case of a bearish closing below the local support trendline, the altcoin could retest the crucial support zone near the $21.84 mark.
Whales Continue to Add HYPE
Amid the chances of a bullish recovery, a big purchase has been detected by spot on chain. Over the past 24 hours, a whale has created a new wallet and has bridged 18.3 million USDC $1.00 24h volatility: 0.2% Market cap: $43.13 B Vol. 24h: $9.03 B to Hyperliquid to buy HYPE token.
Over the past year since the formation of the bridge, the whale has spent 12.22 million USDC to buy 4,428,867 HYPE tokens. The average price of this buying spree is estimated at $28.5.
Here’s Why Short-term Volatility Could Grow
Amid the massive purchase, the whale’s confidence is clearly evident, increasing the chances of HYPE continuing its bullish trend in 2025. However, during the last 24 hours, the Hyperliquid network has seen a net outflow of $256k.
The massive outflow comes from the news of North Korean hackers trading on the platform. Over the past year, the North Korean hackers have exploited nearly $1.34 billion in the crypto market this year.
As the crypto market continues to face problems from North Korean hackers, the significant outflow comes as a preventive measure against losing funds to North Korea.
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Can Hyperliquid (HYPE) Reach $38 Amid North Korean Activity Concerns?
