The Hyperliquid price has outperformed 99 out of top 100 cryptocurrencies this month

The Hyperliquid price has displayed a constant bullish action in its chart since April. Notably, this altcoin has added approximately 1% to its valuation in 24 hours and 47% over the past seven days.

This article is focused on HYPE price today and the short-term price prospects of this altcoin.

The cryptocurrency market had a mixed start to the week as major tokens traded in the green, while smaller altcoins saw mixed fortunes. Among the biggest gainers this month is Hyperliquid (HYPE), which has outperformed 99 out of the top 100 cryptocurrencies with a massive three-digit price rally.

However, this altcoin had come under the radar of whale investors and institutes. Moreover, with James Wynn closing his $1.2 billion BTC position on Hyperliquid, this altcoin had gained major traction over the last 48 hours. This has resulted in it achieving a new ATH of $39.93 yesterday.

With a market cap of $12.58 billion, it has surpassed SUI to become the 11th largest crypto.

As the present market sentiments evaluate, investors are keen to understand the short-term price prospects of this altcoin.

Fundamentals Of Hyperliquid

Hyperliquid is a cryptocurrency that was created in 2023. The coin is designed to be a highly liquid and efficient means of exchange, and it is used by a wide range of investors and traders.

Hyperliquid is a PoS coin, which means that it is secured by the contributions of its community members. The coin's value is also influenced by the overall cryptocurrency market and the economy at large.

In addition to its technical specifications, Hyperliquid is also known for its strong community support and active development team. This has helped to ensure the coin's long-term success and popularity.

At press time, HYPE is trading at $38.74 and has a 24-hour trading volume of $1,315,527,304. The cryptocurrency is currently ranked No. 11, with a market capitalization of $11,996,646,640.

Hyperliquid Price Records 2x Rally This Month

The Hyperliquid price has displayed a constant bullish action in its chart since April. Notably, this altcoin has added approximately 1% to its valuation in 24 hours and 47% over the past seven days.

Moreover, it has skyrocketed 110.15% during the last 30 days and has a Year-to-Date (YTD) return 57.85%.

The Simple Moving Average (SMA) records a sharp rise in the Hyperliquid price chart in the daily time frame. This hints at increased bullish action for the altcoin in the cryptocurrency market.

Furthermore, the MACD indicator has displayed a constant green histogram since April started. Adding to this, the 12 & 26-day EMA witnessed a steady rise, suggesting a positive outlook for the 11th largest cryptocurrency token in the upcoming time.

Will HYPE Price Continue Gaining Momentum?

If the bulls regain momentum, this could result in this altcoin retesting its ATH of $39.93 soon. Moreover, if the bullish sentiment intensifies at that point, this may push the price of this altcoin toward its upper target price of $45 next month.

On the contrary, if the crypto market experiences increased selling pressure, the HYPE coin price could drop toward its support of $35. Furthermore, if the bulls fail to regain momentum at that point, the price of Hyperliquid price may plunge toward its lower support level of $30 in the upcoming time.