- Bitcoin dropped to $91K and Ethereum fell 16% to $2,159 in a brutal crypto market crash that pushed most altcoins down 25%.
- HYPE and DEXE defied the bearish trend with gains of 4% and 8% respectively, emerging as top performers during the market selloff.
- HYPE is trading at $23.06 within a descending triangle pattern and could target $26-$28.39 if it breaks resistance, while risk of drop to $19 support remains.
- DEXE has gained 106% over 60 days and is attempting to break $23.83 resistance with potential upside to $27.08, though failure could bring correction to $18 support.
Date: February 3, 2025 | 11:10 AM GMT
The cryptocurrency market has experienced a brutal crash since yesterday, shaking investor confidence. Bitcoin (BTC) dropped to a low of $91K before recovering slightly to above $95K as of now. Ethereum (ETH) took an even harder hit, still down by 16%, making a low of $2,159 before rebounding to $2,600.
Despite this major sell-off, which pushed most altcoins down by nearly 25%, Hyperliquid (HYPE) and DeXe (DEXE) have emerged as top performers, defying the bearish sentiment. HYPE is up by 4%, while DEXE has surged by an impressive 8%.
Hyperliquid (HYPE)
Hyperliquid (HYPE), a decentralized perpetual futures exchange built on its own Layer 1 blockchain, has shown resilience, supported by strong on-chain activity. The platform’s fee revenue this month has already reached $6.78M and is on track to surpass last month’s total of $51.41M, according to DefiLlama.
Currently, HYPE is trading at $23.06 and is holding above a crucial support zone within a descending triangle pattern.
The price action suggests that if HYPE continues this momentum, it could approach the upper resistance trendline of the triangle at $26. A breakout above this level could push it further toward $28.39, marking a key resistance level.
However, if HYPE fails to sustain its current level, it could drop back to its support zone at $19, where buyers may step in again to defend the price.
DeXe (DEXE)
DeXe, a decentralized social trading platform on the Ethereum blockchain, has been one of the best-performing tokens recently. Over the past 60 days, DEXE has gained 106%, making it one of the strongest movers in the market.
At the moment, DEXE is trading at $22.40 and is attempting to break through a key ascending trendline resistance at $23.83, which is marked as the blue line on the chart.
If the price successfully breaks above this resistance level, the next target would be $27.08, where another key resistance is located.
However, if DEXE fails to break through the trendline, a short-term correction could take place, bringing the price back down to the $18 support zone, which has acted as a strong base in previous pullbacks.
What’s Ahead for HYPE and DEXE?
Both HYPE and DEXE have demonstrated significant strength despite the broader market downturn. Their ability to hold key levels and continue their uptrends suggests strong investor confidence and growing adoption.
If the overall cryptocurrency market begins to recover, both tokens could see even further upside. However, if Bitcoin and Ethereum continue to struggle, these altcoins may also face short-term corrections before resuming their upward trend.
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