HYPE, BGB and MOVE gain double digits amid Bitcoin correction

Hyperliquid, Bitget Token, and Moment added between 25% and 50% to their value this week. The three symbols have extended their gains in the past hour.

Bitcoin (Bitcoin)Bitcoin) Under the $100,000 mark and a market-wide correction in altcoins, these tokens are holding on to their recent gains. Analysis of technical indicators shows that it is likely Hyperliquid (The noise), Bitget symbol (BGB) and movement (It moves) extending their journey.

Bitcoin’s decline does not make these altcoin gains disappear

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

Even as the cryptocurrency market experienced a bloodbath, Hyperliquid, Bitget Token, and M Movement maintained their gains over the past seven days.

Bitcoin’s decline is likely to 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 a slight drop or rise in temperature, with most metrics pointing to a major uptrend in 2025. The $100,000 level has emerged as a major resistance level for Bitcoin, with the top of the cycle likely to appear between $150,000 and $200,000.

HYPE, BGB and MOVE posted double-digit rises

HYPE is hovering around $30 at the time of writing. The layer-one decentralized blockchain technology specializes in trading and has amassed $2.191 billion in total value of locked assets, according to DeFiLlama data.

HYPE is currently 45% below its all-time high of $42,252. If the first layer symbol enters price discovery, it could rise towards $60,491, which is the 161.8% Fibonacci retracement of the rise from the December 10 low to the December 12 high, as shown in the price chart on the 4-hour frame.

The RSI is reading 62 and sloping to the upside. The Moving Average Convergence Divergence, a key momentum indicator, is flashing red chart bars below the neutral line. However, traders need to keep their eyes open as the MACD line prepares to cross above the signal line. This move may indicate a shift in fundamental momentum from negative to positive.

HYPE could find support in the fair value gap between $20,250 and $20,600.

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

In December, BGB rose from $1.50 to the current high, indicating monthly gains exceeding 100%.

Technical indicators for BGB are still bullish, but traders should be careful before adding to their positions in BGB since the Relative Strength Index (RSI) is above 70 and shows that the token is overvalued.

If there is a correction, BGB may find support in the area between $3.1370 and $3.4125, which is FVG on the daily price chart.

MOVE is the native token of the layer 2 network built on Ethereum to enhance scalability and offer advanced features to users. MOVE’s value has risen nearly 25% in the past seven days, according to CoinGecko data.

The 4-hour MOVE/USDT price chart on Binance shows two main areas for MOVE: resistance between $0.8891 and $0.9038 and support area between $0.6509 and $0.6836. Technical indicators on the MOVE price chart support the hypothesis for further gains in the layer 2 token.

MOVE reached an all-time high on December 10, after listing on Binance, at $1.4100. Since then, the MOVE index has corrected and started its recovery on Wednesday.

Derivatives traders make moves in altcoins

Coinglass data shows that open interest in HYPE has risen by approximately 75% in the past 24 hours. The token is gaining importance among market participants after adding to its value last week. Open interest in Hyperliquid exceeds $42 million.

Interestingly, the BGB token seems to have lost its importance among traders, and its OI fell by 33.38%, reaching $46.85 million. The buy/sell ratio is 0.8258, less than 1, which means there are more short positions than long positions, and traders are more likely to be bearish on the token.

Derivatives traders are bullish on MOVE, and there is an excess of long positions as the buy/sell ratio exceeds 1 on Binance and OKX. Total investment rose 18% and exceeded $101 million, according to Coinglass data.

Strategic considerations

If the flow of institutional money into Bitcoin ETFs slows, Bitcoin could face a further correction before the end of 2024. A decline in Bitcoin typically negatively impacts altcoins and tokens in all categories.

Traders should be careful when adding to their long positions. Recent gains in tokens such as HYPE, MOVE, and BGB could be erased in the event of a flash crash or market-wide bloodbath, as observed on Wednesday and Thursday of this week.

Bitcoin returned above $97,000 on Friday, and a return above the $100,000 mark could support extended price rallies in altcoins.