Hyperion (HYN) is probably the weirdest of the top-ranked cryptocurrencies because for the coin that occupies the 38th place in global rankings and has the market capitalization of $185 million, it hardly ever appears in the newsreels and carries out very low-profile marketing activity. Having emerged on the market in January 2019, HYN belongs to the group of young cryptocurrencies that flew under the radar before now.
What's fascinating about this cryptocurrency is that it seems to have waited for a crisis like we witness today to establish its presence in traders' shortlists after making a genuine moon trip, the results of which are displayed in the gaining profile below.
HYN gaining profile
490% in a month against USD brings back the sweet memories of 2017, but it's 2020, and the global crisis still hasn't fully taken its toll on the economy and the cryptocurrency market, while COVID-19 pandemic keeps the sentiments on the fearful side. Therefore, such an extraordinary price appreciation deserves close analysis, while a coin that made an all-time high in these difficult times is undoubtedly a trading material.
HYN all-time price chart
The current massive bull rally could well end up being a fluke and a one-time thing in the lifespan of this cryptocurrency, but it is the trader's duty to seize the moment when it presents itself. Right now, Hyperion offers an opportunity to mount the fledgling uptrend and ride it until the market shows clear signs of reversal.
Frankly speaking, the main weirdness with regard to Hyperion is that the team doesn't seem to be eager to popularize their project as there isn't an abundance of information flowing around regarding the solution behind HYN. Nevertheless, once the trustworthy sources had been established, it turned out that the staggering price growth could have been substantiated by serious upgrades in fundamentals.
In a nutshell, Hyperion is a blockchain-enabled mapping solution, suitable for both enterprises and individuals, based on the 3-layer map ecosystem. The system utilized the Proof-of-Hybrid Protocol (PoH) to store and distribute the mapping data and sustain the economic model, with HYN being at its core.
It turns out that on April 28, the Hyperion network had a crucial upgrade in the form of a staking contract dubbed Map3 cloud node v0.8, which opened the way to earning staking rewards for running the node. Most importantly, the team is yet to launch the mainnet, which means the price spike we see today is not a fluke, but a harbinger of a greater uptrend usually occurs when the mainnet goes live.
1-day HYN/USDT chart
The price of Hyperion has been flowing above all three critical moving averages: 50 MA, 99 MA, and 200 MA, weeks before the first upswing, and now their position suggests that the uptrend is stepping into gears. Unlike what we see in pump-and-dump schemes, the trend is developing healthily, with enough retracement depth. The second higher high is already in place, and the price is likely to continue moving within the confines of the ascending triangle, using the middle line of Bollinger Bands as support.
We predict that the breakout from that triangle will occur in the area between $0.74 - $0.78, and then start targeting $1. Both MACD and Stochastic remain bullish (Stoch is yet to cross the overbought area), so the bulls will stay firmly in control of this market until after the mainnet launch.
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