Author: Admin_Up

HYPE’s price has experienced a significant surge over the past week, increasing by 40% and reaching a new all-time high above $64.

Profit-Taking Slows Rally

The rally appears to have slowed in the last 24 hours, with some investors opting to take profits rather than pursue further gains. HYPE climbed from below $40 to over $64 in the past few weeks, marking the most impressive rally in the crypto market during that period. This surge added billions of dollars to Hyperliquid’s total market capitalization and was driven by increased trading volume and substantial interest.

Whale Activity Signals Shift

As anticipated, the rally has begun to slow as some investors seek to realize profits. The on-chain analytics account Lookonchain identified a wallet that sold 151,574 HYPE, valued at $9.25 million, a few hours ago. The trader has also placed limit sell orders for an additional 170,000 HYPE, worth approximately $10.6 million, at prices between $63.45 and $70.55.

Market Position and ETF Performance

At the time of this report, HYPE is the 11th-largest cryptocurrency project by total market capitalization, estimated at around $15 billion. The altcoin is undoubtedly the best-performing large-cap crypto this week, and its price surge has brought it close to surpassing Dogecoin for the 10th position.

HYPE-based spot exchange-traded funds are also experiencing a surge in assets under management, contrasting with a generally declining market. While Bitcoin ETFs saw over a billion dollars in AUM outflows, HYPE attracted more than $70 million, according to CryptoPotato.

XRP Price Consolidates After Correction

The price of XRP has begun a downward correction from the $1.3750 zone. Currently consolidating, the cryptocurrency could attempt another increase if it remains above $1.3280.

Technical Analysis

XRP initiated a downside correction after failing to sustain its position above $1.3720. The price is now trading above $1.350 and the 100-hourly Simple Moving Average. A bearish trend line is forming, with resistance at $1.3650 on the hourly chart of the XRP/USD pair, according to data from Kraken. The pair could initiate a fresh increase if it settles above $1.3750.

Support Levels

XRP experienced a notable upward movement, surpassing $1.3250 and $1.3280, outperforming both Bitcoin and Ethereum. The price gained momentum, breaking above the $1.370 resistance. A high of $1.3741 was reached before a downside correction began. The price subsequently fell below $1.3450 and $1.3420, dipping below the 50% Fibonacci retracement level of the upward move from the $1.3001 swing low to the $1.3741 high. Currently, the price is trading above $1.350 and the 100-hourly Simple Moving Average.

Resistance Levels

If the price resumes its upward trajectory, it may encounter resistance near the $1.3650 level, coinciding with a bearish trend line on the hourly chart. The primary resistance level is near $1.3740, with a potential rise to test $1.3880 if surpassed. Further gains could lead to a test of the $1.40 resistance, with the next major hurdle for bulls potentially near $1.450.

Potential Downside

If XRP fails to break through the $1.3740 resistance zone, a fresh decline could occur. Initial support on the downside is near $1.3370. The next significant support levels are near $1.3280 and the 61.8% Fibonacci retracement level of the upward move from the $1.3001 swing low to the $1.3741 high. A break and close below $1.3280 could lead to a further decline towards $1.3175, with the next major support zone near $1.3120. Further losses could see a test of $1.30.

Technical Indicators

The Hourly MACD for XRP/USD is gaining momentum in the bullish zone. The Hourly RSI (Relative Strength Index) for XRP/USD is currently above the 50 level.

Major Support Levels: $1.3370 and $1.3280.

Major Resistance Levels: $1.3650 and $1.3740.

Dogecoin (DOGE) has initiated a recovery, surpassing the $0.10 mark against the US Dollar. However, the cryptocurrency is now encountering resistance near $0.1050 and may face challenges in sustaining further gains.

Price Analysis

DOGE began its recovery from $0.10, climbing above $0.1020. The price is currently trading below $0.1035 and the 100-hourly simple moving average. A bearish trend line is forming, with resistance at $0.1030 on the hourly chart of the DOGE/USD pair, according to data from Kraken. The price could continue its upward movement if it remains above $0.10.

Resistance Levels

Dogecoin’s price, mirroring movements in Bitcoin and Ethereum, initiated a recovery from the $0.10 zone. DOGE surpassed resistance levels at $0.1015 and $0.1020. A notable upward move occurred above the 50% Fibonacci retracement level, calculated from the decline between the $0.1066 swing high and the $0.0968 low. However, the price struggled near $0.1045. A bearish trend line is also forming, with resistance at $0.1030 on the hourly chart of the DOGE/USD pair.

Currently, Dogecoin is trading below $0.1035 and the 100-hourly simple moving average. Immediate resistance on the upside is near $0.1030. The first significant resistance for bulls could be near $0.1042, coinciding with the 76.4% Fibonacci retracement level of the downward move from the $0.1066 swing high to the $0.0968 low. The next major resistance is near $0.1050. A close above $0.1050 could potentially push the price towards the $0.1085 resistance level. Further gains might lead to a test of the $0.1120 level, with $0.1150 as the next potential target for bulls.

Potential Downturn

If DOGE fails to break above $0.1050, a continued decline is possible. Initial support on the downside is near $0.1005, followed by the $0.10 level. The primary support level is at $0.0980. A break below $0.0980 could trigger a further price decrease, potentially leading to a drop towards $0.09650 or even $0.0950 in the short term.

Technical Indicators

The hourly Moving Average Convergence Divergence (MACD) for DOGE/USD is currently gaining bullish momentum. The hourly Relative Strength Index (RSI) for DOGE/USD is above the 50 level.

Major support levels are at $0.1005 and $0.1000. Major resistance levels are at $0.1050 and $0.1120.

Ethereum Price Correction

Ethereum’s price has begun a downward correction from $2,150. To resume its upward trajectory, ETH must surpass resistance levels at $2,120 and $2,150. The cryptocurrency has retreated below the $2,125 zone and is currently trading above $2,100 and the 100-hourly Simple Moving Average.

A bearish trend line is forming, with resistance at $2,110 on the hourly chart of ETH/USD, according to data from Kraken. The pair could continue to decline if it remains below the $2,150 zone.

Support Levels Hold

Ethereum failed to maintain its position above the $2,145 zone, mirroring Bitcoin’s decline. The price of ETH subsequently fell below the $2,120 and $2,110 levels. Bears pushed the price below the 38.2% Fibonacci retracement level, calculated from the upward movement between the $2,001 swing low and the $2,147 high. However, bulls have been active near the $2,065 level.

The hourly chart of ETH/USD also shows a bearish trend line forming, with resistance at $2,110. Ethereum is currently trading above $2,100 and the 100-hourly Simple Moving Average. If bulls maintain their activity above $2,065, the price may attempt another increase.

Immediate resistance is observed near $2,110, with the first key resistance near $2,140. The next significant resistance level is near $2,150. A decisive move above the $2,150 resistance could potentially drive the price towards the $2,220 resistance level. A break above $2,220 might lead to further gains in the coming days, potentially pushing Ether towards the $2,250 resistance zone or even $2,320 in the near term.

Potential for Further Decline

If Ethereum fails to overcome the $2,110 resistance, a fresh decline could be initiated. Initial support on the downside is near the $2,075 level. The first major support is situated near the $2,055 zone, coinciding with the 61.8% Fibonacci retracement level of the upward move from the $2,001 swing low to the $2,147 high. A clear break below the $2,055 support could push the price towards the $2,020 support level. Further losses might lead to a test of the $2,000 region, with the main support potentially at $1,940.

Technical Indicators

The Hourly MACD for ETH/USD is gaining bullish momentum. The Hourly RSI for ETH/USD is currently above the 50 zone.

Major Support Level: $2,055
Major Resistance Level: $2,150