Here's What's Behind the Hyperlane Rally | Credit: Veronica Cestari
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Key Takeaways
Upbit listed Hyperlane (HYPER) on July 10, triggering a rally.
The HYPER price increased by 150% after the listing.
Can HYPER sustain its upward movement to new highs?
The Hyperlane token price had declined steadily since April, gradually losing over 70% of its value.
Promising signs were visible in July, when the HYPER price created several slightly higher lows.
Hyperlane then went parabolic on July 10, in a rally catalyzed by a listing from Upbit, South Korea’s largest exchange.
With that in mind, let’s analyze the HYPER price action and see where the rally will lead.
Hyperlane Breaks Out
The weekly analysis shows that Hyperlane’s price broke out from a descending resistance trend line before today’s rally, which was catalyzed by the Upbit listing.
Nevertheless, today’s breakout defines the Hyperlane analysis, which negated over three months of bearish price action.
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While the price action is definitely bullish, the failure to close above the $0.270 horizontal resistance area is discouraging for the future trend.
Instead of doing that, HYPER created a long upper wick (red icon) and now trades below it.
Momentum indicators show overbought signals. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are at multi-month highs.
Since the price of HYPER has already reached the 0.5 Fibonacci retracement support level, the correction might be over, though the price might tag the 0.618 Fibonacci level at $0.195.
Then, the main target for the top of the move will be at $0.432.
Even though the proposed count will not take HYPER to a new all-time high, its development will still be extremely positive, since HYPER would close above the $0.270 resistance area.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
