Hyperliquid (HYPE), River (RIVER), and Chiliz (CHZ) are currently experiencing a surge in bullish momentum, each recording impressive double-digit gains within the last 24 hours. The altcoins, notably HYPE and CHZ, are making a comeback after recent setbacks, while RIVER is venturing into a price-discovery phase, achieving a new all-time high of $88 earlier this week.
In the past 24 hours, Hyperliquid has recorded a notable increase of over 14%, breaking through a significant short-term resistance trendline. The token”s current performance demonstrates a recovery, with HYPE now priced at $26.29, approaching the 50-day Exponential Moving Average. However, it remains below the 100- and 200-day EMAs, indicating a still-present bearish bias.
On the technical front, indicators suggest a shift in market sentiment. The Relative Strength Index (RSI) has risen to 54, crossing above the midline, allowing room for further growth before hitting overbought conditions. Additionally, the Moving Average Convergence Divergence (MACD) generated a buy signal earlier this week, marked by a bullish crossover. If HYPE manages to surpass the 50-day EMA, it could face resistance from the 100-day and 200-day EMAs at $30.20 and $32.85, respectively.
As for River, the token took a slight pause, retracing 2% after a substantial 21% rally on Monday. The significant increase over the past few days can be attributed to a $12 million investment from crypto influencers, including Justin Sun from TronDAO, Arthur Hayes, and The Spartan Group. The immediate resistance for RIVER is seen at the R1 Pivot Point, currently at $93, with the potential to reach $115 at the R2 Pivot Point.
On the daily chart, the RSI for RIVER stands at 75, indicating overbought market conditions and suggesting that the current buying pressure may not be sustainable. The MACD and its signal line are in an upward trend, with histogram bars indicating an expansion of bullish momentum. Should a reversal occur, RIVER could test the central Pivot Point at $57.
Meanwhile, Chiliz is also on the rise, rebounding from the critical psychological support level at $0.050. Currently, CHZ is up more than 4% on Tuesday, extending its 10% gains from the previous day. The token”s recovery is likely to challenge the $0.064 peak recorded on January 17, and a successful close above this level may lead to a rally towards $0.073, marked by the December 20 low.
The RSI for CHZ has increased to 62, indicating renewed demand without reaching overbought levels. Furthermore, the MACD is approaching its signal line, suggesting a reduction in selling pressure. Immediate support for Chiliz remains at the crucial psychological level of $0.050.
In summary, the bullish momentum of Hyperliquid, River, and Chiliz reflects a broader trend of recovery in the altcoin market. Traders and investors will be closely monitoring these developments to gauge potential future movements.
