The cryptocurrency market is demonstrating positive dynamics, with HYPE, a new project, overtaking Shiba Inu in capitalization. This article examines the dynamics and prospects of this altcoin.
HYPE Shows Significant Growth
The crypto market added 1.13% in the last 24 hours, increasing its market capitalization to $3.33 trillion. Rising mid-cap tokens like HYPE are drawing significant investor interest. HYPE rose by 10.36% in one day, with trading activity amounting to $168.69 million, an increase of 23.86%.
Price Forecast Prospects for HYPE
The price level of HYPE could breach its immediate resistance at $27.40 and continue its rise toward an upper target of $30.7 if bullish sentiment persists. Reaching above $30.7 could lead to a new high above $35.02. However, a potential market liquidity reduction could cause HYPE to retest the support level at $25.50.
Technical Analysis and HYPE Price Support
The Relative Strength Index (RSI) remains in the overbought zone, supporting an optimistic outlook for the altcoin's short-term dynamics. The SMA indicator has been acting as support for the HYPE price chart since early May. If the current technical situation holds, further growth is expected.
As a new player in the market, HYPE shows significant growth and attracts investor attention. The prospects for further price increases remain high amid bullish sentiment in the market.
