HYPE price has been ranging high over the past couple of days without being impacted by the sluggish behaviour of the top cryptos

Despite the recent exposure of fake whale, the price continues to maintain a strong uptrend, which hints towards a major trade dynamics

The price of Hype (HYPE) has been able to move higher despite the sluggish behavior of the top cryptos in recent days.

The recent exposure of a fake whale and the addition of new staking tiers by the platform has made the token more useful.

The traders grew optimistic over the new staking tier system, which is set to go live after April 30, and hence intensified the HYPE price rally.

Hyperliquid price has shown strength throughout the recent times, especially with the intensifying bearish actions. The platform recently added new staking tiers, which made the token more useful and gave discounts on trading fees.

The traders became highly optimistic over the new staking tier system, which is scheduled to go live after April 30. This intensified the HYPE price rally, which has already rebounded from the local lows of around $12.34.

Later, the recent reports of over $15 million accumulation in HYPE fueled the bullish momentum, which highlighted the potential demand for the token. However, ZackXBT exposed the ‘fake whale’ for reportedly being William Parker, who has previously been sued for financial crimes.

According to the latest updates by the XTIpster, Parker had allegedly gathered $20 million in HYPE through high-stakes leveraged trading. Further investigations revealed a wallet associated with Parker received funds from a phishing scam.

Nevertheless, the Hyperliquid price is still seen printing massive bullish candles, suggesting the increasing strength of the bulls.

Hyperliquid price ranges in a rising parallel channel

In the short term, the price action of Hyperliquid suggests the token has been incremental and ranges within a rising parallel channel. The buying volume is seen accumulating and MACD displays an increase in the buying pressure, which has moved into the bullish range. This hints towards growing confidence over the token as the price is seen holding the 50-day MA in the short term.

However, the token needs to cross a couple of price ranges to report a strong move above the bearish influence. The Hyperliquid price is currently seen testing the first barrier as it enters the resistance zone between $15.96 and $16.15. If the price manages to move above the range, it could face the next barrier at $16.75. This range has been a support and resistance at different stages and hence a move above this range could further push the levels close to $18 which is the 200-day MA in the short-term.

Therefore, the HYPE price needs to clear these resistances over the weekend, which may propel the levels to $20. This is when one can expect a continued ascending trend and a potential high before the end of Q1 2025.