Can Hyperliquid (HYPE) Reach $38 Amid North Korean Activity Concerns?

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As a seasoned crypto investor with a knack for spotting opportunities in the ever-evolving digital asset landscape, I find myself intrigued by the recent surge of Hyperliquid (HYPE). With my eyes glued to the charts and market trends, it’s hard not to notice the 2.91% surge within the last 24 hours, coupled with a 785% increase over the past month.

As Bitcoin battles to regain its upward momentum at the $94,000 support point, Hyperliquid gears up for a fresh surge in a positive trend.

Hyperliquid is a cryptocurrency derivatives trading platform that operates using its unique HyperBFT agreement system. This platform enables users to trade gas-free perpetual futures contracts directly within its own blockchain.

Over the past day, Hyperliquid has seen a 2.91% increase, suggesting it might continue its impressive 785% rise over the last 30 days as New Year’s Eve approaches.

Hyperliquid (HYPE) Ready For Take Off!

Right now, the HYPE token is being traded at approximately $28.31, showing signs of a potential rebound with a daily increase of about 1.37%. On a 4-hour scale, the HYPE’s price movement indicates a trend of ascending channels.

At present, the Hyperliquid token is close to a key support level on the trend line. But with today’s market bounce-back and price rejection at lower levels, it seems that the altcoin could soon strengthen its resistance towards $29.49, boosting the likelihood of a bullish recovery.

In simpler terms, the MACD (Moving Average Convergence Divergence) and its signal line are getting ready to intersect in an upward trend, which is typically a sign of a potential increase in price. Additionally, the 4-hour Relative Strength Index (RSI) has begun moving upwards with the aim of crossing the halfway mark, indicating that the asset could be gaining strength.

Consequently, the trend seems to be changing direction based on the momentum indicators, making it more likely that we’ll see a bullish outcome. A potential surge towards the previous high of $34.48 might occur during this breakout.

This action makes it more likely that Hyperliquid will touch the resistance trend line close to the $38.22 point. Conversely, if there’s a bearish closing beneath the nearby support trendline, the cryptocurrency might revisit the important support area around the $21.84 level.

Whales Continue to Add HYPE

In light of potential bullish growth, it’s been observed that a significant transaction involving the purchase of HYPE tokens has taken place. Within the last 24 hours, a large investor, often referred to as a ‘whale’, established a new digital wallet and moved 18.3 million USDC from one platform (presumably) to Hyperliquid in order to buy HYPE tokens.

For the past year, as a researcher tracking this bridge’s development, I’ve observed that approximately 12.22 million US Dollars has been allocated to purchase a substantial number of HYPE tokens – about 4,428,867 in total. This acquisition, spread over the period, averages out to roughly $28.5 per token.

Here’s Why Short-term Volatility Could Grow

Amid the massive purchase, the whale’s confidence is clearly evident, increasing the chances of HYPE continuing its bullish trend in 2025. However, during the last 24 hours, the Hyperliquid network has seen a net outflow of $256k.

A significant amount of activity originates from reports about North Korean cybercriminals using the platform. This year alone, these hackers are estimated to have taken approximately $1.34 billion from the cryptocurrency market.

Due to ongoing cyber attacks from North Korean hackers on the cryptocurrency market, this large withdrawal is a precautionary step aimed at safeguarding funds from potential theft by North Korea.

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2024-12-24 19:30