Kategorie: Crypto Analysis

Key takeaways

• HYPE trades below $59 after recording a second consecutive day of gains.
• The Hyperliquid Policy Center and trade[XYZ] have submitted recommendations on pre-IPO perpetual markets to the SEC.
• The proposed instruments would provide price exposure before a company lists publicly without granting shares or investor rights.

Hyperliquid (HYPE) trades above $58 on Wednesday, extending its recovery for a second consecutive session as buyers target a breakout above the psychological $60 level.

The decentralized exchange’s native token maintains a broadly bullish technical structure above its major moving averages. Momentum indicators are also improving without suggesting that the rally has become excessively stretched.

The advance comes as the Hyperliquid Policy Center and trade[XYZ] urge the US Securities and Exchange Commission to establish rules that would allow American investors to access pre-IPO perpetual markets.

Hyperliquid submits pre-IPO market proposal to SEC

The Hyperliquid Policy Center and trade[XYZ], a prominent deployer of perpetual markets on Hyperliquid, jointly submitted a comment letter responding to the SEC’s request for proposals to modernize the Initial Public Offering process.

Their letter highlighted the pricing history of at least five trade[XYZ] pre-IPO perpetual, or IPOP, markets that completed their full lifecycle on Hyperliquid.

The organizations argued that these markets can provide transparent, continuously updated price signals before a company’s shares begin trading publicly.

They also outlined regulatory questions the SEC would need to address before permitting similar products in the United States.

An IPOP is a financial instrument that allows traders to take a directional position on a company’s expected valuation ahead of a scheduled stock market listing.

The contract provides price exposure during the period before the company’s shares become publicly tradable. Prices update continuously based on market demand, potentially offering investors and issuers an early indication of expected listing value.

However, an IPOP is not equivalent to owning pre-IPO equity.

Contract holders do not receive actual shares, allocation rights or voting power. They also have no direct claim against the company referenced by the instrument. The product is designed solely to provide exposure to anticipated price movements ahead of a public listing.

Hyperliquid’s policy organization said American investors are unable to access price opportunities available to traders in other jurisdictions.

It cited SpaceX as an example, saying its pre-IPO perpetual market was priced at $135 before the company listed at $150.

According to the organization, the market provided a visible pricing signal, but US investors had no regulated way to trade it.

Under a new SEC framework, Hyperliquid argued, both American investors and issuers could benefit from the price discovery offered by pre-IPO markets.

Supporters may view such instruments as a way to broaden market access. However, the products could expose retail traders to substantial risks, including leverage, uncertain valuation, limited disclosure and price manipulation before public-market data becomes available.

HYPE maintains bullish structure above major EMAs

HYPE trades at approximately $58.73, retaining a constructive technical outlook. The token remains above its 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). 

This bullish alignment places all three indicators below the current price and provides several potential layers of support.

The Moving Average Convergence Divergence indicator has moved firmly into positive territory, signaling strengthening upside momentum.

Meanwhile, the Relative Strength Index stands near 56. The reading indicates steady buying pressure but remains well below the conventional overbought threshold of 70, leaving room for additional gains.

Immediate support sits at the 50-day EMA around $58.33. Holding this level would preserve HYPE’s near-term bullish structure and support another attempt to clear $60.

Below it, the 100-day EMA at $56.76 represents the next support area. A deeper decline could bring the 200-day EMA at $51.68 into focus as the more important longer-term bullish threshold.

On the upside, a descending resistance trendline remains the main structural obstacle. A sustained daily close above this trendline and the $60 region could confirm a breakout and allow HYPE to extend its recovery.

Failure to clear the resistance zone could encourage profit-taking and push the token back toward the clustered EMA support levels.

For now, the stacked moving averages and positive momentum indicators favor buyers, but HYPE requires a confirmed trendline breakout to strengthen its broader bullish outlook.

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Key takeaways

• PUMP is down 3% on Wednesday after rallying nearly 13% the previous day.
• Futures Open Interest climbed to a record $258.62 million, indicating increased speculative positioning.
• The funding rate surged to 0.039%, reflecting a sharp shift toward leveraged long positions.

Pump.fun (PUMP) declines 3% on Wednesday as traders take profits following an almost 13% rally during the previous session.

Despite the pullback, derivatives data indicates that speculative demand continues to strengthen. PUMP futures Open Interest has risen to an all-time high of $258.62 million, while the funding rate has turned sharply positive.

Pump.fun’s network metrics also show improving adoption. Total Value Locked (TVL) has reached a record 3.34 million SOL, accompanied by rising revenue and active addresses.

PUMP retains a mildly bullish technical outlook above $0.00300 as its 50-day and 200-day Exponential Moving Averages (EMAs) approach a potential Golden Cross.

PUMP Open Interest hits record high

Retail speculation in PUMP is increasing following the token’s more than 40% advance since the beginning of August.

According to CoinGlass, futures Open Interest rose to a record $258.62 million on Wednesday, up from $216.74 million one day earlier. This represents an increase of approximately $41.88 million within 24 hours.

Open Interest measures the total notional value of active futures and perpetual contracts that have not been settled. An increase alongside a price recovery generally indicates that traders are opening new positions and committing additional capital to the market.

The rise supports a bullish interpretation, but it also means leverage is building rapidly. Elevated leverage can amplify price gains while increasing the risk of sharp liquidations if the market reverses.

PUMP’s funding rate climbed to 0.039% on Wednesday, reversing from negative 0.0036% the previous day.

Funding rates are periodic payments exchanged between traders holding long and short positions in perpetual futures. A positive reading means long traders are paying shorts, typically because demand for bullish exposure is stronger.

The rapid shift from negative to strongly positive funding confirms that traders have moved aggressively toward long positions.

However, elevated funding can create a crowded market. If PUMP falls unexpectedly, leveraged longs may be forced to close, potentially accelerating the decline through a cascade of liquidations.

The combination of record Open Interest and sharply positive funding therefore reflects strong bullish sentiment alongside increasing speculative risk.

Pump.fun’s Total Value Locked has increased to an all-time high of 3.34 million SOL, according to DeFiLlama.

TVL measures the value of assets deposited in a decentralized finance protocol. The steady rise in deposits indicates that users are committing more capital to the Pump.fun ecosystem.

The increase strengthens the case that recent activity is not limited to speculation in the PUMP token. It also reflects greater use of the underlying protocol.

Nevertheless, SOL-denominated TVL can fluctuate in US Dollar terms when Solana’s market price changes. Both the quantity of deposited SOL and its Dollar value should be considered when evaluating longer-term growth.

Pump.fun generated 23,706 SOL in revenue on Tuesday, lifting its weekly total to more than 47,500 SOL.

The protocol collected 151,929 SOL in revenue during the previous week, its strongest weekly performance in 18 months.

Active addresses also rose to 81,429 last week, up from 74,438 during the preceding week. That represents an increase of almost 9.4%.

Rising revenue and active addresses indicate increased participation across the platform. If sustained, this activity could support demand for PUMP and strengthen confidence in the protocol’s economic model.

The key question is whether current usage can remain elevated after the recent surge in speculative activity slows.

PUMP approaches a Golden Cross

PUMP trades above $0.00300 at the time of writing, maintaining a bullish short-term structure despite Wednesday’s decline.

The token remains above its 50-day EMA at $0.002214 and its 200-day EMA near $0.002227. These moving averages create a concentrated support zone around $0.00221-$0.00223.

The 50-day EMA is also close to crossing above the 200-day EMA. This formation, known as a Golden Cross, is commonly interpreted as a potential transition from a bearish trend into a longer-term bullish phase.

A Golden Cross is a lagging indicator and does not guarantee further gains. However, confirmation of the pattern could attract additional momentum traders if network and derivatives activity remain strong.

The Relative Strength Index stands near 68, indicating strong buying momentum. The reading remains below the conventional overbought threshold of 70, although it suggests the rally is becoming stretched.

The Moving Average Convergence Divergence indicator remains above its signal line, reinforcing the bullish momentum outlook.

Immediate resistance sits at $0.003399, corresponding with the December 3 high. A decisive daily close above this level could confirm a broader breakout and extend PUMP’s uptrend.

Failure to clear $0.003399 could lead to further profit-taking, particularly given the elevated funding rate and record leveraged positioning.

On the downside, the 200-day EMA at approximately $0.002227 provides initial support, closely reinforced by the 50-day EMA near $0.002214. A daily close below this cluster would weaken the bullish setup and reduce the likelihood of a successful Golden Cross.

PUMP’s near-term direction will likely depend on whether growing network activity can offset the risks created by crowded leveraged long positions.

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Key takeaways

• Zcash dipped 1% on Tuesday following Monday’s rally. day, 
• The Ironwood shielded pool now holds 3.07 million ZEC, representing 70% of total shielded volume.
• ZEC is approaching the apex of a symmetrical triangle, with resistance near $528.

Zcash (ZEC) dipped 1% on Tuesday despite the massive rally on Monday. The surge earlier this week comes as rising Ironwood adoption and stronger derivatives activity supported demand.

The privacy coin trades above $500 and is approaching the apex of a symmetrical triangle pattern. A breakout above the upper trendline could strengthen the bullish outlook and bring the $600 region into focus.

Ironwood shielded volume crosses 3 million ZEC

Migration to Zcash’s Ironwood shielded pool continues to gain traction following the discovery of a counterfeiting vulnerability affecting the network’s older pool infrastructure.

Data from Zkp.baby shows that Ironwood’s shielded volume reached 3.07 million ZEC on Monday. The pool now accounts for approximately 70% of the total ZEC held in shielded pools.

Meanwhile, volume in the older Orchard pool has declined to 761,889 ZEC as users continue migrating their holdings.

The shift toward Ironwood indicates growing adoption of the updated shielded infrastructure. It also suggests that users are responding to the network’s security changes while maintaining demand for Zcash’s privacy features.

Zcash’s derivatives market is also showing renewed retail participation. CoinGlass data shows that ZEC futures Open Interest decreased 1% over the past 24 hours to $924.16 million. The decrease signals that traders are closing new positions or allocating more capital to existing contracts.

Zcash price outlook: ZEC approaches triangle breakout

Zcash trades above $500 on Tuesday, maintaining a mildly bullish technical outlook as it holds above the 50-day Exponential Moving Average at approximately $490.

The 200-day EMA near $420 also supports the broader bullish structure. Meanwhile, the price is contracting between two converging trendlines, forming a symmetrical triangle on the daily chart.

This pattern typically indicates declining volatility before a larger directional move. However, the triangle does not confirm whether the eventual breakout will be bullish or bearish.

Momentum indicators provide mixed but improving signals. The Relative Strength Index has risen above its neutral level to 55, suggesting renewed buying pressure.

The Moving Average Convergence Divergence indicator remains marginally below its signal line, pointing to some lingering downside pressure. A bullish crossover would provide additional confirmation that buyers are regaining control.

Zcash faces immediate resistance at the triangle’s upper trendline near $528. A sustained daily close above this level would confirm a bullish breakout and could propel ZEC toward the 78.6% Fibonacci retracement at approximately $595. This level is calculated from the decline between $690 and $250.

Clearing $595 would bring the psychologically important $600 level into focus and strengthen the prospect of a broader trend continuation.

On the downside, the 50-day EMA near $490 provides initial support. A breakdown below this moving average could extend the correction toward the 50% Fibonacci retracement at $470.

If selling pressure intensifies, the 200-day EMA at approximately $420 represents the next major support level. Holding above these moving averages would preserve Zcash’s broader recovery structure.

The post Zcash dips 1% as Ironwood adoption and futures demand strengthen appeared first on CoinJournal.

Key takeaways

• Chainlink trades around $9.42 after gaining more than 14% last week.
• A long-to-short ratio of 0.76 and negative funding point to weakening derivatives sentiment.
• Spot LINK ETFs attracted $2.07 million on Monday, their largest daily inflow since July 22.
• Losing support at $9.39 could trigger a pullback toward $8.94 and the $8.60–$8.50 region.

Chainlink (LINK) is struggling to overcome resistance near $9.56 on Tuesday, pausing after rallying more than 14% during the previous week.

Weakening derivatives indicators suggest that bullish momentum may be losing strength. However, renewed institutional demand through spot LINK exchange-traded funds could support another attempt to move higher.

Derivatives traders adopt a bearish stance

CoinGlass data shows early signs of weakening sentiment in Chainlink’s derivatives market.

LINK’s long-to-short ratio stands at 0.90 on Tuesday, close to its lowest level in a month. A reading below one indicates that short positions outnumber long positions, suggesting more traders expect the price to decline.

Chainlink’s funding rate also turned negative, falling to minus 0.0050%. Negative funding means short-position holders are paying traders with long exposure, reflecting a bearish imbalance in the perpetual futures market.

Together, the indicators suggest that derivatives traders are becoming more cautious after LINK’s double-digit weekly rally.

However, heavily bearish positioning could also increase the possibility of a short squeeze if Chainlink breaks through its nearby resistance levels.

Institutional demand showed improvement at the beginning of the week. Data from SoSoValue shows that spot Chainlink ETFs recorded $2.07 million in net inflows on Monday. This represented the products’ largest single-day inflow since July 22.

The increase suggests that institutional investors are rebuilding exposure to LINK following its recent recovery.

Continued ETF inflows could help absorb profit-taking and provide the demand needed for Chainlink to overcome the 200-day Exponential Moving Average. However, a single day of positive flows is insufficient to establish a lasting trend.

A sustained series of inflows throughout the week would provide stronger confirmation of renewed institutional interest.

Chainlink price outlook: LINK tests the 200-day EMA

Chainlink trades around $9.42 on Tuesday and remains above its 50-day and 100-day EMAs, positioned at $8.50 and $8.60, respectively.

Holding above these moving averages supports a mildly bullish medium-term outlook. However, LINK remains below the 200-day EMA at $9.56, which is limiting the current recovery.

The token has reclaimed the 61.8% Fibonacci retracement at $9.39, establishing this level as immediate support.

Momentum indicators remain constructive but show that LINK may be approaching stretched conditions. The Relative Strength Index is near 67, just below the overbought threshold of 70, while the Moving Average Convergence Divergence indicator remains positive.

These readings suggest that buyers retain control but may encounter increasing resistance following last week’s sharp rally.

A decisive daily close above the 200-day EMA at $9.56 would strengthen Chainlink’s bullish outlook and bring the horizontal resistance at $9.92 into focus.

Clearing both barriers could allow LINK to test the 78.6% Fibonacci retracement at $10.04. Beyond that, the cycle-high region around $10.87 represents the next major bullish objective.

On the downside, the 61.8% Fibonacci level at $9.39 provides the first line of support. A break below this area could trigger a pullback toward the 50% retracement at $8.94.

Stronger support is concentrated between the 100-day EMA at $8.60 and the 50-day EMA at $8.50. Holding this zone would preserve the medium-term recovery structure, while a decisive breakdown could return control to sellers.

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Key takeaways

• Pi Network edges higher on Monday as buyers defend the $0.0839 support level following two consecutive daily declines.
• The Pi Core Team released Node version 0.6.2 after successfully testing distributed computing capabilities across the network.
• A break below $0.0786 could invalidate the recent channel breakout, while a recovery above $0.1000 could strengthen the bullish outlook.

Pi Network (PI) edges higher on Monday as buyers attempt to defend the key $0.0839 support level following two consecutive days of losses.

The mild recovery comes after the Pi Core Team released a new Node upgrade focused on advancing the network’s distributed computing capabilities. However, PI’s technical outlook remains mixed, with weak derivatives activity and indecisive momentum limiting confidence in a sustained rebound.

Weak market sentiment weighs on Pi Network

Pi Network remains a highly speculative cryptocurrency whose price is heavily influenced by broader market conditions, retail demand and the strength of its community.

CoinMarketCap’s Crypto Fear and Greed Index stands at 38 on Monday, reflecting cautious sentiment and reduced risk appetite among investors.

Renewed geopolitical tensions involving Israel, Lebanon, the United States and Iran have contributed to uncertainty across risk assets. This defensive environment could make it more difficult for speculative tokens such as PI to attract fresh capital.

The Pi Network community continues to anticipate further ecosystem development around its reported base of 18 million Know Your Customer-verified users.

The Pi Core Team released version 0.6.2 of its Node software on Saturday. The upgrade follows a successful test of distributed computing capabilities across Pi Nodes and could provide a foundation for additional network utilities.

Expanding the role of individual Nodes beyond transaction validation could strengthen the network’s functionality and provide new use cases for participants. However, the upgrade’s long-term impact will depend on whether developers introduce applications that generate sustainable user demand.

Social activity showed a modest increase following the announcement. Santiment data indicates that Pi Network’s Social Dominance rose to 0.01% on Sunday from 0.009% on Saturday. Social Volume also increased to 12 from 8 over the same period.

The figures suggest that the Node upgrade generated slightly more discussion, although overall social engagement remains limited.

Pi Network’s derivatives market continues to show reduced trader participation. According to CoinAnk, PI futures Open Interest declined to $8.81 million from $9.12 million on Friday.

Open Interest measures the notional value of outstanding derivatives contracts. A decline generally indicates that traders are closing leveraged positions or reducing their exposure.

The continued reduction in PI futures Open Interest suggests that speculative interest is weakening despite the latest technical upgrade and Monday’s mild price recovery.

Pi Network struggles to extend falling-channel breakout

Pi Network maintains a bearish short-term bias as its price consolidates below $0.0900.

PI previously broke above a falling-channel pattern on the daily chart, creating the possibility of a bullish reversal. However, the token has failed to produce meaningful upside follow-through, reflecting weak buying demand.

At the time of writing, buyers are defending the 78.6% Fibonacci retracement level at $0.0839. The retracement is measured from the recent decline between $0.1341 and $0.0703.

A sustained break below $0.0839 could expose the former channel resistance trendline near $0.0786. A decisive daily close below this level would weaken the bullish breakout structure and raise the risk of deeper losses.

Pi Network’s daily momentum indicators provide little evidence of a strong recovery. The Moving Average Convergence Divergence indicator remains only marginally above its signal line and is at risk of forming a bearish crossover. Such a move would indicate that downside momentum is beginning to strengthen.

The Relative Strength Index stands at 45, below its neutral midpoint of 50. This reading reflects modest bearish pressure but remains consistent with range-bound trading rather than an oversold market.

On the upside, the psychological threshold at $0.1000 represents the first major resistance level.

This area is reinforced by the 50% Fibonacci retracement at $0.1022, creating a meaningful supply zone where sellers could limit any recovery.

A decisive breakout above $0.1022 would strengthen PI’s recovery prospects and could open the way toward the 23.6% Fibonacci retracement at $0.1190.

Until PI generates stronger buying demand and derivatives participation begins to recover, its near-term outlook is likely to remain cautious.

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