The cryptocurrency market witnessed significant movements today, with Monero, Stellar, Bitcoin, and Hyperliquid at the forefront. While Monero continued its upward trajectory, Stellar remained under pressure. Bitcoin pulled back from the $84,000 region, and Hyperliquid faced a critical short-term threshold.
Monero Maintains Its Upward Momentum
Monero was trading around $629, demonstrating a notable ascent from its July lows near $300. Throughout the day, XMR fluctuated between $604 and $656. The move beyond the September high of $635 underscored continued bullish sentiment. Nevertheless, the subsequent pullback from the $656 mark indicated persistent selling pressure in that region.
Still, short and long-term moving averages remained below the price, suggesting robust technical support for the ongoing rally. Potential pullbacks could find demand between $565 and $540. The Relative Strength Index (RSI) approached 70, indicating a strong rally but hinting at a possible pause. Surpassing the $656 level could lead to a push towards $700, and eventually targeting the January peak at $800.
Monero’s bullish structure is expected to hold if it remains above $635; a fall below this level could signal weakening momentum.
Stellar Experiences Continued Pressure
Stellar struggled around $0.1777, remaining below the $0.18 threshold. Since late September’s peak near $0.237, XLM has seen a significant 25% decline. Its descent below all major moving averages highlights sustained selling pressure.
The $0.19 to $0.196 range has become a short-term barrier, with $0.172 acting as immediate support. Being merely 3% away from this support heightens the risk of further downside. Losing $0.172 could bring $0.17 and subsequently $0.1525 into focus. Meanwhile, the RSI around 38 reflects the dominance of sellers, compounded by weak trading volumes limiting recovery attempts.
Bitcoin and Hyperliquid at Crucial Crossroads
Bitcoin was available around $81,500, having surged to $84,294 before retracing to $81,483. This movement illustrated sustained selling above $84,000. Since mid-September, Bitcoin has swung within a broad range of $80,000 to $87,000, now nearing the lower boundary of this band.
Short-term moving averages clustered between $80,800 and $82,500 form a primary line of defense. A break below $80,000 could prompt a decline towards the $77,000 to $76,000 zone. Conversely, reclaiming $84,300 might see a test of the $87,000 level.
If Bitcoin stays above $80,000, the current range may persist, though falling below this level could intensify selling pressure.
Hyperliquid’s native token, HYPE, traded around $78.17, having slid approximately 20% from its September peak of $98. It re-tested support near $77.60 amidst a pattern of lower highs, signaling short-term weakness. A drop below $77.60 could lead to $75, and subsequently $65.50. On the upside, surpassing $82.50 might bolster its short-term outlook.
