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HYPE price forecast: HYPE could rally to $40 as market recovers

Key takeaways

  • Hyperliquid’s HYPE outperforms the other major cryptocurrencies, adding 5% to its value in the last 24 hours.
  • Bitcoin is trading above $101k, with HYPE now eyeing the $40 resistance level in the near term.

BTC, HYPE, Others Begin Recovery

The cryptocurrency was extremely bearish over the weekend, with Bitcoin dropping below the $99k level on Sunday. However, the market has begun to recover, with Bitcoin now trading above $101k.

HYPE, the native coin of the Hyperliquid ecosystem, dropped to $31 on Sunday but is now trading at $35.40 per coin. If the bullish momentum is sustained, HYPE could rally towards the $40 resistance level in the near term.

Hyperliquid’s HYPE has been one of the top performers over the last 12 months. The coin added 1,000% to its value during that period and quickly rose to become the 11th-largest cryptocurrency by market cap. 

HYPE’s price action remains interesting and it remains to be seen if it would challenge Cardano for the number 10 spot in the market. 

Is HYPE heading towards $40?

HYPE has lost 21% of its value since hitting a new all-time high of $45 seven days ago. With the broader market bearish, HYPE has lost some of its value. However, the $HYPE/USDT pair could be heading to the $40 resistance level if the bulls continue with their recent rally.

The HYPE/USDT 4-hour chart shows that the MACD is still within the negative zone but could be heading into the positive area soon. The RSI of 48 also shows that HYPE is heading into the neutral zone, indicating buying pressure.

HYPE/USDT 4H chart

If the bullish recovery persists, HYPE could look to test the first resistance level at $38.50 in the coming hours or days. The coin could rally towards the $40 level in the event of an extended bullish performance. However, the ongoing crisis in the Middle East continues to significantly impact the broader cryptocurrency market’s performance.

The post HYPE price forecast: HYPE could rally to $40 as market recovers appeared first on CoinJournal.

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Story (IP) price jumps as whales buy 16 million tokens

  • Story (IP) token price surged 15% to above $3, driven by Bitcoin’s recovery and whale accumulation.
  • Two major whales acquired 16 million IP tokens worth $47.52 million, indicating strong investor interest.
  • Analysts predict IP could retest the $4-$5 supply wall.

Story (IP) is trading above $3 after surging 15% in 24 hours amid notable market turmoil.

This IP price surge comes in the wake of Bitcoin’s recovery from its recent lows of $98,500, which happened amid rising geopolitical tensions.

But with BTC back above $101k, market sentiment sees Story protocol token IP up.

Commenting on the current market outlook, crypto analyst IncomeSharks said:

Want to know why so many are bearish? It’s in the charts. We saw institutions, hedgefunds, and retail all start selling or shorting the local bottom. Then we had a violent V shape recovery which has squeezed or sidelined most. The FUD has started with moodys, tariffs, war, etc.

Whales buy Story (IP) dip

Recent data from blockchain analytics firm Lookonchain highlights a substantial accumulation of Story (IP) tokens by two major whale addresses.

Whale 0x9921 has amassed 6 million IP tokens, valued at approximately $17.82 million, while whale 0x9057 has acquired 10 million tokens, totaling $29.7 million.

Together, these transactions represent a collective purchase of 16 million IP tokens, worth $47.52 million, executed in recent days.

The blockchain records reveal multiple successful coin transfers to these addresses, with values ranging from 2.5 million to 3 million IP per transaction, accompanied by negligible fees.

This is not the first instance of significant whale interest in IP. Earlier this year, exchanges reported an outflow of $4.67 million worth of IP tokens.

As then, this suggested prior accumulation by large investors.

Those purchases preceded a 40% price surge, mirroring the today’s bounce despite broader market’s fading bullish momentum.

The recent whale activity, coupled with a 12.8% daily price increase, underscores a pattern of strategic buying during dips, potentially positioning IP for further gains.

Story price forecast

Market analysts attribute trader optimism to IP’s ranking as a top 100 cryptocurrency by market cap, with a value of $896 million.

The project’s focus on intellectual property asset management is fueling interest.

Based on current whale activity and a bullish market outlook, IP price could target resistance in the $4.00-$5.00 region.

However, if prices flip negative, the altcoin could revisit support levels at $2.75 and $2.50.

Analysts at Sentiment point to what traders may pay attention to in the short term.

IP price hovered around $3.09 at the time of writing. Daily trading volume was up more than 100% to over $46 million. Meanwhile, open interest stood at over $71 million.

The post Story (IP) price jumps as whales buy 16 million tokens appeared first on CoinJournal.