Hyperliquid (HYPE) has gone up by 0.8% in the past 24 hours and it is currently defying the market’s mood as the layer-two trading platform has benefited from a recent spike in trading volumes.
Traders seem to have jumped back to the market after Trump backpedaled on his decision to implement high tariffs on all imported goods.
Data from DeFi Llama shows that trading volumes have surged from around $27 billion during the week ended on March 21 to $57.2 billion as of last week.
Hyperliquid’s native token, HYPE, has experienced a 24% jump in the past week as its demand increases alongside platform usage. Hyperliquid is a layer-one blockchain that supports a decentralized exchange for perpetual futures.
It is one of the most promising TradFi projects in the crypto space as it offers a permissionless experience to crypto traders, and its fees are quite competitive compared to those of decentralized exchanges like Binance and Coinbase.
HYPE Encounters Strong Resistance at $16
HYPE had been on a downtrend until April 10, when the price broke its trend line resistance. However, the token encountered strong selling pressure once it got to the $16.8 level and has been consolidating since then.
In addition, the price broke above its 21-day EMA, meaning that the price action has managed to reverse the downtrend for now.
Momentum indicators have improved significantly as the Relative Strength Index (RSI) jumped above its 14-day SMA while the MACD’s histogram rose for six consecutive days. However, the histogram shows that positive momentum has been decelerating.
The $17 level seems to be the most critical resistance to watch, as a break above this level could result in further upside potential ahead for HYPE.
Looking at the hourly chart, the price has mainly risen amid a lack of volume from $15.4 to $16. The $16 area is heavily contended ground, but bears have dominated the price action every time the price climbs to this mark.
During the American session, the price has already retreated sharply once it touched this level already. Hence, an ideal entry for HYPE bulls would be $14.6, as this has been a strong area of support in the past.
HYPE’s performance could continue to defy the market’s downtrend as the platform benefits from volatility and traders’ interest in cashing in on temporary price spikes. This makes HYPE one of the best cryptos to buy in April.
Meanwhile, a new decentralized content distribution platform called SUBBD (SUBBD) could soon become a strong blockchain-based contender to well-established players like OnlyFans.
SUBBD (SUBBD) Raises Nearly $180,000 Just a Few Days After Its Presale Kicked Off
SUBBD (SUBBD) aims to revolutionize how influencers share their content by introducing a decentralized platform that allows them to keep a higher share of their earnings and monetize AI-generated content.
The SUBBD presale was launched at the beginning of this month and it has already raised $178,000 from investors to build the platform.
The SUBBD token is the gateway to its ecosystem. Creators are compensated automatically through smart contracts and users can buy it to get discounts on subscriptions, early access to new features, and exclusive content.
SUBBD responds to an urgent need from influencers who have been disappointed by unfair bans and models that benefit content distribution platforms primarily.
With more than 2,000 creators already onboarded, the demand for the SUBBD token will likely rise. Hence, at its discounted presale price of $0.055175, this utility token offers significant upside potential to early buyers.
To buy SUBBD, simply head to the SUBBD website and connect your wallet. You can either swap USDT or ETH for this token or use a bank card to make your investment.
