The cryptocurrency market is constantly moving, with new trends, new cryptos, and advancements, and the altcoin HYPE is no expectation. Interestingly, its recent Hyperliquid EVM launch has increased its price by 10%. This update is a part of the bigger Hyperliquid ecosystem expansion and would bring more flexibility and efficiency to its structure. This would also cater to the HYPE price growth, as this was a much-awaited event, as evidenced by the investor’s enthusiasm. Let’s dive deep into that.
HYPE Price Turns Bullish With HyperEVM Mainnet Launch
The Hyperliquid EVM (HyperEVM) mainnet launch is a significant upgrade that brings general-purpose programmability, allowing innovative Smart contract development and execution, flexibility and efficiency, and much more. It will substantially facilitate seamless transactions, increasing the hype around this blockchain network and native token.
HYPE is among the top altcoins in the market and has maintained a significant performance, and this launch has boosted its value. With strong bullish sentiments, the HYPE price surged to $27.32, marking a 10% increase within just ten minutes.
This happened as investors’ interest grew, and the trading volume surged nearly 70% to $166.02M per CoinmarketCap. However, it also faced a sharp correction right after that, declining to $26.48 with a market capitalization of $8.84B.
Now, the most important thing is the token sustaining this surge.
Will HYPE Price Bullish Momentum Continue?
The instant correction after launch builds concerns around the trajectory of this Hyperliquid token. The social sentiments and MACD indicate a bullish momentum, as the investors are eyeing further surge. However, the RSI is at 84, signaling overbought conditions.
This could bring a potential correction, as it already faced a pullback from the resistance at $28.381. Some experts predict volatility between $25-$27, but a move past this could push the HYPE price to $30. However, with the failure to defend this level, the price could crash down to $22.5.
If momentum holds, $30 is the target. Otherwise, look for swings between $25-$27 amidst selling pressure. Stay sharp, volatility is the name of the game, says analysts.
Final Thoughts on HyperEVM Launch and Price Action
The Hyperliquid EVM is part of this blockchain network’s DeFi adoption plan and ecosystem building. The instant bullish candle formation and 10% surge show the investor’s enthusiasm around this launch, where the $25-$27 level acts as the defining point for further bullish action or drop.
Regardless, the HYPE’s demand is anticipated to continue due to constant upgrades and expansion in the Hyperliquid’s ecosystem. Moreover, it is among the few cryptos least affected by the crypto market crash. Investors must be careful around this altcoin in the current scenario.
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