Market sentiment has been largely bearish over the past week, which has been a drag for many cryptocurrencies. However, a rally late on has turned the tide, with the top three altcoins of the week posting double-digit gains. Crypto analyst Victor Olanrewaju weighed in on these developments in his take on HYPE Coin and two other tokens.
Since the beginning of December, Hyperliquid has managed to be listed on exchanges for the first two weeks. This week, it has also taken its place among the altcoin winners, with HYPE Coin showing a 55% increase. This price increase is seen as a result of low selling pressure around the altcoin. In addition, HYPE Coin has been listed on major exchanges such as KuCoin and Gate.io. This development has allowed the token to reach a wider audience of investors and increased its trading volume.
On the 4-hour chart, the Bullish Bearish Force (BBP) is in the positive territory, which suggests that the bulls are dominating the market and the altcoin price could rise further. Also, the Relative Strength Index (RSI) has continued to rise, which suggests that the momentum around HYPE Coin is strengthening. If this momentum continues, HYPE Coin is likely to rally to $42.24 in the short term. However, if the altcoin enters the overbought zone, a pullback to $26.16 is also possible.
This week, the MOVE token also made a big breakout, with its price increasing by 51.60%. About 25% of this increase occurred in the last 24 hours. The rising price is attributed to the positive sentiment around the token and the increasing buying pressure. Currently, the price of MOVE has reached the $1 level. On the 4-hour chart, the Awesome Oscillator (AO) indicator continues to climb, indicating a growing bullish sentiment around the token. If this momentum continues, MOVE could rise to $1.44. However, the token needs to break the resistance at $1.06 to reach this target. If this hurdle is not overcome, the price is likely to fall to $0.76.
Crypto exchange Bitget’s native token BGB has surged 42.60% this week, breaking above the $4 psychological barrier. On the daily chart, BGB is seen trading in an ascending channel. This indicates that the altcoin will continue to gain momentum by making higher lows and highs. With volume indicating increased buying pressure, it is predicted that BGB’s price could rise even higher in the short term. If this trend continues, a rally towards $6 could occur. However, if selling pressure increases as altcoin investors begin to realize their profits, the token’s price could fall to $2.91.