Hyperliquid's price is consistently rising thanks to new staking initiatives, despite financial fraud allegations.
New Staking and Positive Sentiments
The Hyperliquid platform announced new staking tiers, enhancing the token’s utility by offering discounts on trading fees. This boosted optimism among traders, leading to a rebound in the HYPE price from its local lows of around $12.34.
Allegations Against 'Fake Whale'
Shortly after the price increase, it was revealed that the renowned 'fake whale' was William Parker, previously accused of financial crimes. He allegedly amassed $20 million in HYPE through high-leverage trading. It was also found that a wallet associated with Parker received funds from a phishing scam.
Technical Analysis and Future Prospects
Short-term price action of Hyperliquid suggests a firm movement within a rising parallel channel. Buying volume and the MACD indicator show increased buying pressure. However, the price needs to clear several resistance levels: the first at $15.96 to $16.15, and another at $16.75. Breaking these could lead to reaching $18, which aligns with the 200-day MA. To further ascend to $20, HYPE must overcome these resistances over the weekend.
Optimism around staking and technical indicators support continued HYPE price growth despite negative news.
