Here’s why HYPE is up over 30% today

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

HYPE’s price has rebounded after yesterday’s drop and is now set to test a key bullish pattern, which could lead to more gains ahead.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Hyperliquid rose 32.7% to an intraday high of $12.5 on April 8, morning Asian time, while bringing its market cap back over $4 billion. Its daily trading volume was up nearly 50% over the previous day, hovering over $246 million. The recent gains have erased the losses from the past two days, which came during a broader market sell-off.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

HYPE’s rally comes as open interest climbed back above $450 million, up 20% from the day before, hinting at growing interest from derivative traders in the market. As for what’s next, crypto analyst Glitch noted HYPE is testing a key resistance level between $11.7 and $12.5 Looking at the 4-hour chart, HYPE seems ready to break out of a falling channel that’s been in place since March 24.