The Hyperliquid Token (HYPE) has recorded a growth of 8.41% in the past 24 hours due to favorable technical analysis and integration with BitGo.
Hyperliquid Growth
In the last 24 hours, the Hyperliquid Token (HYPE) showed an increase of 8.41%. This is associated with positive signals from technical analysis and the protocol's achievements. Data shows that HYPE has bounced off key support levels: the 50-day simple moving average at $45.20 and the 20-day exponential moving average at $47.50. The MACD indicator shows bullish divergence, and the Relative Strength Index (RSI) stands at 58.93.
Institutional Custody from BitGo
BitGo announced full support for Hyperliquid, opening new possibilities for institutional investors in storing and managing cryptocurrency. This may signal the beginning of a new wave of institutional investment as Lion Group previously announced plans to make HYPE the core asset of its $600 million crypto treasury. Since this announcement, there has been noticeable activity from large investors around HYPE.
Forecasts and Risks
BitMEX founder Arthur Hayes made a bold forecast that Hyperliquid (HYPE) has the potential to increase up to 126x. He links this to the expected growth of the total stablecoin supply to $10 trillion by 2028. However, the token's volatility over the last 90 days is around 78%, making investment decisions risky under current conditions.
Thus, HYPE shows confident growth driven by strong technical indicators and the opportunities presented by BitGo's support for institutional investors.
