HYPE Token From Hyperliquid Protocol Turns Bullish Despite Market Crash, Here's Why

HYPE, the native token of blockchain protocol Hyperliquid, has turned bullish in the past 24 hours, despite the collapse of the broader digital asset space

Despite the broader digital asset space witnessing a massive liquidation of $2.25 billion in 24 hours, the native token of blockchain protocol Hyperliquid has shown resilience. While Bitcoin crashed to $91,000, followed by a recovery to $95,000, HYPE has turned bullish.

According to CoinMarketCap, HYPE is trading at $23.28, up 3.10% in the past 24 hours. The digital asset reached a daily high of $23.83 and crashed to a low price of $20.05. With a market cap of $7.77 billion, HYPE is the 19th-largest cryptocurrency by valuation.

Hyperliquid’s Fees, Revenue, and HYPE Token PerformanceA major reason for HYPE holding its price could be attributed to the blockchain project’s rising fees and revenue.

As highlighted in a report, Hyperliquid ended January being ranked higher than Ethereum in terms of fees and revenue. However, as per data from DefiLlama, ETH currently stands at 11th position while Hyperliquid is 14th, with revenues of $2.01 million and $1.97 million, respectively.

An X (formerly Twitter) user McKenna highlighted that Hyperliquid’s HYPE token had the fairest launch among all crypto token generation events in 2024. The user also claims that HYPE has had massive growth potential and since day 1, it “drove value back to token holders.” Another X user called Hyperliquid a “cash cow,” pointing out the project’s significant impact on the DeFi sector.

Hyperliquid's Assistance Fund collects $30k / 10 MinsThat's only a part of the fees Hyperliquid makes. Hyperliquid is a Cashcow. pic.twitter.com/vtAQUEUd7P

HYPE Price Analysis: RSI, MACD, and Bearish TrendThe HYPE token Relative Strength Index (RSI) reads a value of 43.42, indicating that the bears have taken over the cryptocurrency’s price action. Furthermore, the gradient of the line suggests an increased possibility of a retest of $20.

On the other hand, the MACD indicator remains bearish for HYPE as the MACD line (blue) is below the signal line (/red). However, the intensity of the histogram is decreasing, which is a positive indication for prices.

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