Hyperliquid Falls 9% – Smart Money Loading Up or More Pain Ahead?
Hyperliquid has bounced by 3.5% in the last 24 hours after falling as low as $18.19 yesterday, with the decentralized exchange token still down by 15% in the past week. HYPE hasn’t been able to escape the market-wide selloff of the past couple of days, although it does remain up by more than 420% since listing in late November of last year. And while it has suffered substantial losses recently, data suggests that whales have begun stocking up on it again, with one large trader set to buy $5 million in HYPE in the near future.
The whale in question has already bought $1.5 million in HYPE in the past 24 hours, while they have also set up a limit order to buy another $3.5 million of the token as and when it hits $19.04 and $19.05.
This comes barely a day after other whales accumulated more of the token, with another Whale Alert post showing that three large investors bought anything from $1.35 million to $5 million in HYPE within quick succession. Such trades highlight how, even after a series of dives, overall demand for HYPE remains fairly consistent. Hyperliquid is one of the newest coins in the market’s top-100, with its platform – a decentralized perpetuals exchange running on its own EVM-compatible blockchain – now boasting a total value locked of $624 million. This represents a 55% growth since the start of January, and a 294% increase since the beginning of December.
Such growth helps to explain why HYPE is generating lots of excitement, with its chart today showing the coin beginning to recover after hitting what looks like a bottom. Its RSI (purple) has risen back to 50 after nearly touching 20 yesterday and the day before, suggesting a return of buying pressure. We can also see that its 30-period moving average (orange) is beginning to show life again after falling even further below the 200-period average (blue) yesterday, another sign that it may have begun a bullish reversal.
Based on these indicators, and based on the fact that whales have resumed accumulating the coin, we can expect the Hyperliquid price to rebound significantly in the near term. It could hit $25 in the next couple of weeks, before touching $30 by the end of Q2.
Bullish New Altcoins Could Help Beat Bear Market
Given that HYPE may not show a consistent improvement until the wider market recovers, some traders may be better off investigating more bear market-resistant tokens. This includes presale coins, which can often rally big when they list for the first time, particularly if they’ve had a big raise. And one of the most promising presales at the moment is Bitcoin Bull (BTCBULL), an ERC-20 token that has now raised $2.8 million in its ICO.
What’s interesting about Bitcoin Bull is that its tokenomics are linked to the price growth of Bitcoin (BTC), with the new coin having a hard cap of 21 billion tokens. BTCBULL will burn a portion of its supply every time Bitcoin (BTC) reaches a new price milestone – starting at $125,000, and moving on to $150,000, $175,000, and so on. The coin will also reward holders with Bitcoin (BTC) airdrops at each $50,000 milestone (e.g. $150,000, $200,000, $250,000). Its use of burns and airdrops could invite very strong demand, with the ability to stake the token also likely to boost interest even further.
Investors can join this sale by going to the Bitcoin Bull website and connecting a compatible wallet, such as MetaMask or Best Wallet. BTCBULL is currently available at $0.002385, although this price will rise again in just under three days.