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Hyperion: the price of HYN skyrockets
Hyperion: the price of HYN skyrockets
Trading

Hyperion: the price of HYN skyrockets

By Federico Izzi - 5 May 2020

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The best among all crypto performances today is the price of Hyperion (HYN), which continues to soar by more than 72%, reaching 37th place in the standings with over $220 million in total capitalization. 

Hyperion is a token launched earlier this year. The price of the token is currently up 4 digits. Its prices at the end of January were $0.025, while today it is worth $0.70, a gain of +2600%. Since mid-April, when it had fallen to $0.09, the increase has been more than 600%. It is also the best performance on a monthly basis, +880% among the first 100 capitalized.

Hyperion highlights what services are most likely to be increasingly in demand in the near future. The token, running on the Ethereum platform, is based on cartographic maps and is used for geolocation and the mapping of positions through services and phone apps. 

It is an obvious topical issue, given what is happening in the world: services like those offered by Hyperion are increasingly in demand and this paves the way for the token that in recent days has been literally soaring. 

Meanwhile, today the whole sector is going back up again to attack the weekend highs, levels that for some of the main cryptocurrencies like Bitcoin, Ethereum and Ripple are lower than those recorded last week, but still close to those price levels.

coin360 20200505
Source: COIN360.com

Today’s day sees over 90% of cryptocurrencies in positive territory with increases that in some cases go beyond double digits. Hedera Hashgraph (HBAR) stands out, rising by 11%, as does Aave (LEND) which gains 16%. 

XRP 20200505
XRP chart by Tradingview

Ripple (XRP) tries to recover and regain control; it had fallen behind in recent weeks and failed to stand out unlike the other big names. It’s now trying to stabilize around 22 cents on the dollar to then go back above the April 30th highs, when for the first time since the mid-March crisis prices have gone above $0.235, a level that also corresponds to 50% of Fibonacci’s retracement when considering the mid-February highs and mid-March lows.

Monero (XMR) is also worth noting, even though it is not among the best of the day. With a price rise of 3%, it tries to recover 63 dollars, after the dangerous sinking that from the weekend’s highs saw a movement of around 10% with yesterday’s decline and which increases to 15% when considering the period’s highs of April 30th. 

Monero today tries to recover the 62-63 dollars, going to test the bullish trendline that was accompanying the rise since last mid-March, a trendline violated with the break of 62-63 dollars on Sunday.

With this new upturn in the sector, the market cap is back to over $250 billion. Bitcoin dominance is at 66%. Ethereum’s dominance is unchanged, now back below 10% since the end of April, while Ripple remains stable at 3.9%.

BTC 20200505
Bitcoin chart by Tradingview

Bitcoin (BTC) Price

This morning, Bitcoin is moving above the technical threshold of $9,000 going to extend the rise in this first part of the day even beyond $9,100.

This movement, which is characterizing the ups & downs in these first 5 days of May, shows that the threshold to follow is not the $10,000, a mostly psychological threshold, but today’s levels at $9,000. 

During the rising phase that characterized the first 50 days of the year, this same threshold has shown itself several times, highlighting its importance upward and downward, even after the pull back occurred in the first days of March before the deep sinking of the following week.

Bitcoin continues to remain in a phase of positive upward trend. First alarms would only go off with declines to $8,600-8,500. A deep crisis would only occur with returns at $7,700, levels now more than 15% distant.

ETH 20200505
Ethereum chart by Tradingview

Ethereum (ETH) Price

Ethereum maintains the general trend of the sector. Today it returns above the threshold of $210, confirming the strong technical and psychological level of $200, which has been tested in the last 24 hours. 

Ethereum remains within the bullish channel. First signs of weakness would occur with a return below $200 in the next few hours, now a very important threshold. 

A first bearish alarm would only go off with extensions under $185. Fluctuations with strong movements above these levels do not show any particular danger for ETH.

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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