This week, the cryptocurrency market witnesses a significant recovery of Bitcoin and the growth of the HYPE token. Let's explore the details and prospects.
Bitcoin Recovery
Bitcoin has proved resilient, recovering from last week's $89K to its current value of over $104K, raising its market dominance to 59%. This has negatively impacted many altcoins.
Technical Analysis of HYPE
The HYPE token, used on the decentralized exchange Hyperliquid, gained attention after surpassing the 'falling wedge' pattern, leading to a 5% increase. Following a pullback to $19.50, it now stands at $22.70, approaching the $24.41 resistance.
What Lies Ahead for HYPE?
HYPE needs to break the $24.41 resistance to continue its growth. The next resistance targets lie at $26, $29, and $35. Overall market conditions, including Bitcoin's dominance, may influence the token's further steps.
With Bitcoin securing renewed positions and HYPE's growing opportunities, the cryptocurrency market keeps investors' attention. However, Bitcoin's high dominance may constrain further altcoin growth.
