While the leading cryptocurrencies are struggling in this bear market, Hyperliquid (CRYPTO: HYPE) is coasting along unbothered.

HYPE rallied over 18% over the last 24 hours, and is up 44% in a week, making it the best-performing cryptocurrency this week among tokens valued at $1 billion or more.

Widely followed cryptocurrency analyst Ali Martinez identified $59 as HYPE’s “next key target, which is also its all-time high.

The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price,  typically the 12-period and the 26-period, flashed a “Buy” signal for HYPE, according to TradingView.

Conversely, the Commodity Channel Index, which measures the difference between the current price and the historical average price of an asset, signaled “Sell.”

HYPE token holders gain utility through governance rights and discounts on trading fees on the Hyperliquid, a decentralized perpetual futures platform. The token also plays a crucial role in securing the network through staking.

Hyperliquid, powered by its own Layer-1 blockchain, has seen a surge in oil-linked perpetuals activity as traders rushed to profit from the wild swings triggered by the ongoing war in the Middle East.

Price Action: At the time of writing, HYPE was exchanging hands at $57.24, up 18.50% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: CryptoFX on Shutterstock.com