Ever since the beginning, the Hyperliquid price has been demonstrating strength, even in times of intensifying bearish actions. The platform added new staking tiers, which made the token more useful and gave discounts on trading fees. The traders became highly optimistic over the new staking tier system, which is scheduled to go live after April 30. This intensified the HYPE price rally, which has already rebounded from the local lows of around $12.34.
Later, the rounds of over $15 million accumulation in HYPE fueled the bullish momentum, which emphasized the potential demand for the token. However, ZackXBT exposed the ‘fake whale’ for reportedly being William Parker, who has previously been sued for financial crimes. Parker had allegedly gathered $20 million in HYPE through high-stakes leveraged trading. Further investigations revealed a wallet associated with Parker received funds from a phishing scam.
Regardless of the exposure, the HYPE price is printing massive bullish candles, suggesting the gaining strength of the bulls.
The short-term price action of Hyperliquid suggests the token has been incremental and ranges within a rising parallel channel. The buying volume is accumulating and the MACD displays a rise in the buying pressure, which has risen into the bullish range. This hints towards growing confidence over the token as the price has been holding the 50-day MA firmly in the short term. However, the token is required to surpass a couple of price ranges to mark a strong rise above the bearish influence.
The Hyperliquid price is currently testing the first barrier by entering the resistance zone between $15.96 and $16.15. If the price manages to rise above the range, it could face the next barrier at $16.75. This range has been a support and resistance at different stages and hence a rise above this range could further push the levels close to $18 which is the 200-day MA in the short-term. Therefore, the HYPE price is required to clear these resistances during the weekend, which may elevate the levels to $20.
Here’s when one can expect a continued ascending trend and a potential high before the end of Q1 2025.
