Hyperliquid (HYPE) Price Demonstrates Strength, Even During Bearish Market Actions

Ever since the beginning, the Hyperliquid price has been demonstrating strength, even in times of intensifying bearish actions.

Hyperliquid (HYPE) price has displayed immense strength in an environment marked by increasing bearish actions. As the platform rolls out new staking tiers to make the token more useful and provide discounts on trading fees, traders have become highly optimistic over the new staking tier system, which is set to go live after April 30. This has fueled the HYPE price rally, which has already recovered from local lows of around $12.34.

Later, reports of over $15 million being accumulated in HYPE in the past few months have contributed to the bullish momentum, highlighting the potential demand for the token. However, in a recent exposé, ZackXBT unveiled the ‘fake whale’ to be William Parker, who has previously been sued for financial crimes. According to reports, Parker had amassed an estimated $20 million in HYPE through extensive high-stakes leveraged trading.

However, further investigations by email and on-chain analysis have uncovered that a wallet allegedly belonging to Parker was a recipient of funds from a phishing scam in December 2022. The scammer, who defrauded over 100 people, reportedly transferred 350 ETH to Parker’s crypto addresses in a series of transactions.

Despite the exposure, the HYPE price is cutting through major price ranges with massive bullish candles, suggesting the strength of the bulls.

In the short-term price action of Hyperliquid suggests the token has been incremental and ranges within a rising parallel channel. The buying volume is accumulating and the MACD displays a rise in the buying pressure, which has risen into the bullish range. This hints towards growing confidence over the token as the price has been holding the 50-day MA firmly in the short term. However, the token is required to surpass a couple of price ranges to mark a strong rise above the bearish influence.

The Hyperliquid price is currently testing the first barrier by entering the resistance zone between $15.96 and $16.15. If the price manages to rise above this range, it could face the next barrier at $16.75. This range has been a support and resistance at different stages and hence a rise above this range could further push the levels to around $18 which is the 200-day MA in the short-term. Therefore, the HYPE price is required to clear these resistances during the weekend, which may elevate the levels to $20.

Here’s when one can expect a continued ascending trend and a potential high before the end of Q1 2025.