Hyperlane Crypto Surges 490% in 48 Hours After South Korean Exchange Listing

Hyperlane crypto, denoted by the ticker HYPER, experienced a significant surge of 490% within a 48-hour period, marking a notable recovery from its downtrend in April and May. This rally began more than two weeks ago, with HYPER forming its low at $0.0866 on June 22 and gradually establishing higher lows and higher highs by the beginning of July. The token's price surged past the $0.18-0.2 highs from May, reaching $0.67, driven by the news of its listing on popular South Korean exchanges. This event catalyzed the explosive rally, with the token gaining nearly 445% in under two days.

The strong interest in HYPER was evident, with its market cap standing at $104.7 million. The token's price action highlighted the challenges of using divergences in highly volatile conditions. Two bearish momentum divergences between the price and the Relative Strength Index (RSI) were observed, with the first resulting in a 23.1% pullback, followed by a 42% rally over the next eight hours. This rally saw the RSI depressed further while the price pushed higher, leading to a retracement to the $0.45 demand zone, a bullish order block from the initial pullback. The On-Balance Volume (OBV) has been rising over the past 24 hours, indicating strong demand in the market.

The $0.442-$0.482 demand zone presents a potential buying opportunity for traders and investors. A drop below $0.442 could signal a deeper retracement, while a surge past $0.66 would indicate a bullish market structure break and potential further gains. However, it is important to note that only 17.52% of the total supply of HYPER was circulating at the time of writing, with monthly unlocks of 1.2%-1.5% of the max supply potentially diluting prices and spurring distribution over time.

This event catalyzed the explosive rally, with the token gaining nearly 445% in under two days. The recovery from the downtrend in April and May began more than two weeks ago, on 22 June. HYPER formed its low at $0.0866 on this day, and began to form higher lows towards the beginning of July. The series of higher lows and higher highs was established by the first week of July. The latest rally was a result of the uptrend established earlier in the month. The bullishness from the listing news must not be understated. In fact, it was also a key development in sending HYPER higher.