Crypto Frenzy: Hyperliquid Defies the Crisis

The crypto market is in a downward spiral after a turbulent week, recording a decline in total capitalization by 1.8% to $3.75 trillion. This development is attributed to the dreaded 'Red September' curse claiming another victim. Amidst these red numbers, however, one token proves to be resilient: Hyperliquid's HYPE defies the downward trend and rises by 9.26%, being the only one of the top 11 cryptocurrencies in the positive. While traditional markets are taking a different direction, the S&P 500 increased by 0.22% to 6,619 points, and gold recorded a rise of 0.33% to $3,762 per ounce. President Donald Trump also announced a new package of tariffs set to take effect starting October 1, which could cause unrest among risky assets. The Crypto Fear and Greed Index fell to 28, indicating increased fear in the market, the lowest level since the last tariff announcement in April. However, a surprising scenario is emerging in the field of Perpetual Futures DEX. While Aster, a competitor of Hyperliquid, is making headlines with a remarkable price surge, Hyperliquid is quietly working on its comeback. The blockchain platform and its eponymous token HYPE have gained popularity over the past months, and despite short-term declines, HYPE recorded a growth of nearly 600% over the past year. Today, HYPE rises from a low of $40,376 to a current $44,114, showing a positive development in a market with predominantly negative signs. Technically, the Relative Strength Index (RSI) of 41 indicates consolidation rather than weakness. The Average Directional Index (ADX) at 29 confirms a strengthening trend dynamic, while the Exponential Moving Averages (EMAs) paint a bullish picture. Despite the advances on the chart, sentiment in the prediction market Myriad remains cautious. The expectation that HYPE will soon reach $69 is only 30%, highlighting the discrepancy between technical signals and market sentiment.