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Hyperliquid (HYPE) stays relatively stable
Despite the market downturn, Hyperliquid is relatively stable; the asset gained around 7% to its value and might print a larger increase even sooner than anticipated.
Volume also shows an uptick, so expecting a recovery continuation is possible. The main reason is the oversold state of the asset prior to the enormous drop on the market. Plus, the crash we've witnessed has little to do with altcoins and DeFi, it's mostly tied to de-risking that was triggered by the sell-off in AI sector.
HYPE is trading at $73.99 after bouncing from $69.83 earlier today. The low came close to the 200 EMA (black line on the chart), which coincides with the $68 price level.
RSI, as a momentum indicator, is bouncing from the 40 zone, so the bearish pressure here could be short-lived if it is mostly speculative.
Hyperliquid lost its pace by the end of September, and the spike at the beginning of November still formed a lower high. The first resistance is the orange moving average at approximately $78, so a breakthrough there should become a foundation for a price recovery.
Stellar (XLM) bounces at $0.15
Stellar follows Hyperliquid's path with a quick bounce at around $0.15; volume is too low to create an accelerated path and reinforce the bullish potential. The market in general shows poor dynamic, with the lack of continuation potential.
XLM trades at $0.1497 after dipping to $0.1411. It is no coincidence that the bounce happened there, as it coincides with the lows of late May.
Moving averages keep extending, so there's no volatility fuel for the asset. Whenever moving averages converge, volatility is more likely to spike.
From a fundamental standpoint, the mainnet validator vote on the Bell upgrade (Protocol 30) is set to take place on November 23. The Bell update for XLM is a significant fundamental development, but it has little to do with the price performance of XLM in the short-term.
The asset expresses oversold signs, so the correction here shouldn't be very surprising. From the momentum standpoint, RSI is sitting near 35, close to a local bottom.
Bitcoin (BTC) falls below $70,000
Bitcoin had to endure almost $1 billion in liquidations; everything fell on the head of BTC, which fuels any bearish sentiment that already existed on the market. The price has already invalidated the $70,000 level, and things might get pushed even lower.
According to CoinGlass, $1.65 billion in positions were liquidated across the market over the past 24 hours, with $918.6 million coming from Bitcoin.
BTC is trading at $69,552, after dipping to $67,500 earlier today. The daily loss is around 2.6% so far. Bitcoin's price drop could scare off more investors, but it fits the overall trend and the price of BTC has already bounced and recovered a minor part of inflicted losses.
If the $67,500 low gets broken, our next stop would be the $65,000 area, where Bitcoin spent most of July and August.