HYPE, BGB, MOVE gain in double-digits amidst Bitcoin correction

Hyperliquid, Bitget token and Movement added 25% to 50% in value this week. Three tokens increased their gains in the last hour.

Amid Bitcoin (BTC)’s collapse below the $100,000 level and the market-wide correction in altcoins, these tokens are maintaining their recent gains. Analysis of technical indicators shows that Hyperliquid (HYPE), Bitget token (BGB) and Movement (MOVE) are likely to continue their rise.

Bitcoin’s decline doesn’t erase altcoin gains

Bitcoin fell to $92,232 on Friday after a sharp correction from the $100,000 milestone. Bitcoin’s decline led to a market-wide correction across categories in altcoins on Thursday and Friday.

Even as the crypto market endured a bloodbath, Hyperliquid, Bitget token and Movement maintained their gains over the past seven days.

Bitcoin’s decline will likely be short-lived, and on-chain metrics paint a bullish picture for BTC.

BTC is likely entering the final stages of its bull run; Some on-chain indicators point to cooling or slight overheating, and most metrics point to a significant uptick in 2025. The $100,000 milestone has emerged as a key resistance level for Bitcoin, with the top of the cycle likely to occur between $150,000 and $200,000.

HYPE, BGB and MOVE achieved double-digit rallies

HYPE is hovering around $30 at the time of writing. According to DeFiLlama data, the decentralized layer-1 blockchain specializes in trading and its total locked asset value reached $2.191 billion.

HYPE is currently 45% below its all-time high of $42,252. If the Layer 1 token enters price discovery, it could rally towards $60,491, which is the 161.8% Fibonacci retracement of the rally from the December 10 low to the December 12 high, as seen on the 4-hour price chart.

The relative strength index reads 62 and is sloping upwards. Moving average convergence divergence, an important momentum indicator, flashes red histogram bars below the neutral line. However, investors need to keep their eyes open as the MACD line prepares to cross above the signal line. This movement may indicate a change in underlying momentum from negative to positive.

HYPE/USDT 4-hour price chart | Source: Crypto.news

HYPE may find support in the Fair Value gap between $20,250 and $20,600.

Bitget token (BGB) competes with exchange tokens such as OKX’s OKB and Binance’s BNB. The token rose to an all-time high of $4.90 on Thursday, marking an increase of over 520% ​​in the last 12 months.

In December, BGB climbed from $1.50 to its current high; This shows that monthly earnings exceed 100%.

BGB’s technical indicators remain bullish, but investors need to be careful before adding to their positions in BGB as the RSI is above 70, indicating that the token is overvalued.

BGB/USDT daily price chart | Source: Crypto.news

In case of a correction, BGB could find support in the zone between $3.1370 and $3.4125, a FVG on the daily price chart.

Movement (MOVE) is the native token of the Layer 2 network built on Ethereum to increase scalability and provide advanced features to users. According to CoinGecko data, MOVE has increased by approximately 25% in the last seven days.

The 4-hour price chart of MOVE/USDT on Binance shows two important zones for MOVE: the resistance between $0.8891 and $0.9038 and the support zone between $0.6509 and $0.6836. Technical indicators on MOVE’s price chart support the thesis that the Layer 2 token will gain more.

MOVE reached an all-time high of $1.4100 on December 10 after its listing on Binance. MOVE has since corrected and started to recover on Wednesday.

MOVE/USDT 4-hour price chart | Source: Crypto.news Derivative investors make moves in altcoins

Data from Coinglass shows that open interest in HYPE has increased by approximately 75% in the last 24 hours. The token has started to gain traction among market participants after increasing its value last week. Open interest in Hyperliquid exceeded $42 million.

Interestingly, the BGB token seems to have lost interest among investors, with OI falling 33.38% to $46.85 million. The long/short ratio of 0.8258 is below 1, which means there are more short positions than long positions and investors are likely bearish on the token.

Derivatives traders are bullish on MOVE and there is an excess of long positions as the long/short ratio exceeds 1 on Binance and OKX. According to Coinglass data, OI exceeded $101 million, an increase of 18%.

MOVE futures open interest | Source: Coinglass Strategic considerations

If institutional fund inflows into Bitcoin ETFs slow down, Bitcoin could face another correction before the end of 2024. A decline in BTC generally negatively impacts altcoins and tokens across all categories.

Investors need to be careful when adding to their long positions. As noted on Wednesday and Thursday this week, recent gains in tokens like HYPE, MOVE, and BGB could be wiped out in the event of a sudden crash or market-wide bloodbath.

Bitcoin broke back above $97,000 on Friday, and a return above $100,000 could support prolonged price gains in altcoins.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.