HYPE Clears Major Hurdle — Rally to $30 Underway?
- HYPE surged 17%, breaking its 20-day EMA at $23.12, flipping it into a support level and signaling strong buying momentum.
- The Chaikin Money Flow (CMF) turned positive after eight days, confirming increased accumulation and bullish sentiment.
- If momentum holds, HYPE could surpass $27.53 and target $30.37. A breakdown below $23.12 may push it toward $18.50.
HYPE, the native token of decentralized perpetuals exchange Hyperliquid, has emerged as the top gainer in the cryptocurrency market over the past 24 hours, with a 17% price surge.
This double-digit rally has pushed HYPE above its 20-day Exponential Moving Average (EMA), a critical resistance level it had struggled to break through for the past nine days. This signals a decisive shift in market trends and hints at the possibility of an extended rally. This analysis explains why.
HYPE Breaks Above Its 20-Day EMA
An assessment of the HYPE/USD one-day chart reveals that HYPE now trades above its 20-day EMA. This key moving average measures an asset’s average price over the past 20 days, giving more weight to recent prices to reflect current trends.
When an asset’s price breaks above the 20-day EMA, it signals a shift in momentum, often indicating growing bullish interest. This breakout suggests that a previously strong resistance level is now being flipped into a potential support floor, meaning buyers are stepping in to sustain the price above this level.
HYPE’s previous resistance formed by its 20-day EMA at $23.12 has been turned into a support floor. If it holds, the current uptrend will be reinforced, and the token could attempt to record more gains.
Moreover, the setup of HYPE’s Chaikin Money Flow (CMF) confirms the resurgence in demand for the altcoin. After eight consecutive days in negative territory, HYPE’s CMF turned positive on Thursday, signaling a shift from a bearish to a bullish trend as accumulation gains strength. At press time, the indicator stands at 0.02, signaling the growing demand for the token.
An asset’s CMF indicator measures money flow into and out of its market. A CMF value above zero indicates strong buying pressure. It suggests that capital is flowing into the asset and accumulation outweighs distribution.
HYPE Price Prediction: Will Strengthening Accumulation Push It to $30?
If HYPE accumulation strengthens, it will extend its current rally. In that case, its price could break above the resistance formed at $27.53 to trade at $30.37, a level it last reached in December.
On the other hand, a surge in profit-taking will invalidate this bullish outlook. In that scenario, HYPE could test the support formed by the 20-day EMA at $23.12. If it fails to hold, the altcoin’s price could fall toward $18.50.
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