• Hyperliquid has climbed over 8%, reaching $13.  
• HYPE’s daily trading volume has surged by 47%.

A modest rebound in the crypto market has injected bullish sentiment, with Bitcoin and Ethereum attempting to overturn the downtrend. Meanwhile, Hyperliquid (HYPE) has outpaced the market, climbing over 8.78% and securing a spot among the top gainers. 

The initial price of Hyperliquid was $12.43, which was a day’s low. Following the wave of bulls, the recovery of the asset took its price to the $13.77 level. The range of key resistance levels between $15.96 and $18.68 are to be tested in order to consolidate a strong bullish support.

As of writing, Hyperliquid had a price of around $13.68, while its market cap remained at $4.57 billion. Notably, the daily trading volume of the asset has increased by more than 47.79% to $73.46 million.

Can HYPE Break Out and Resume Its Uptrend?

Assuming the continuation of the downside pressure, HYPE could slip to $12.52. A strong bearish shift could push Hyperliquid’s price back to its previous lows around $11 with the risk of dipping even further.

If the downtrend reverses, the asset could see a surge in price, immediately testing the resistance at $14.07. The price could reinforce its upward correction, likely driving the asset beyond the $14.90 mark.

HYPE’s Moving Average Convergence Divergence (MACD) line is above the signal line with early signs of a recovery. Yet, as both lines are still below the zero line, the general momentum is within the bearish region. 

Furthermore, the Bull Bear Power (BBP) indicator reading of 1.144 indicates that the bulls are in control presently within the market, with the possible upward momentum in the Hyperliquid price.

Hyperliquid’s daily relative strength index (RSI) positioned at 56.25, indicates that the asset is in neutral-to-positive territory. Besides, the short-term 9-day moving average is settled above the long-term 21-day moving average.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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• Sei Foundation revealed its plans to acquire 23andMe on a mission to protect the genetic data of millions of US users. 
• 23andMe raised concerns across the US after announcing its bankruptcy. 

Data sovereignty has always been the biggest concern in today’s modern age. Blockchain technology is playing its part in giving control back to the rightful owners, who are users. Users can retain full control over their assets and data on the blockchain, which is impossible with centralized entities. 

Sei Foundation is promising to bring data sovereignty of genetic information by leveraging its blockchain platform. It made waves in the crypto industry last week on March 27 with its bold announcement of the 23andMe acquisition. Its announcement read, 

“We believe user data sovereignty is a matter of national security. When an American biotech pioneer faces bankruptcy, personal genomic data of millions becomes vulnerable to parties that may not share the same values of transparency and open access.”

What’s Happening With 23andMe?

23andMe is a seasoned direct-to-consumer genetics company that offers DNA testing kits to its customers. Since its inception in 2006, the company has helped millions of US customers find out their ancestry, health traits, and genetic risks. Approximately 15 million users’ sensitive personal data is in the hands of the 23andMe company. 

The company caused widespread fear across the country when it announced bankruptcy on March 23. Users panicked that their data would fall into the wrong hands after its bankruptcy announcement. 

The fact that its website traffic increased by 526% on the day of its bankruptcy filing announcement is noteworthy. While some experts believe this is the beginning of a much bigger problem we are yet to face, others say putting the genetic data of users on sale is a security disaster. 

Can Sei Deliver Its Promise of Data Sovereignty?

Sei Foundation believes that 23andMe’s data falling into the wrong hands could lead to more complications. It also assured US users that it would return DNA data to users. The blockchain platform compares sovereign ownership of financial assets with “Sovereign Genome.”

It promised to make the health of the US people survive on blockchain. Sei has also promised to give complete rights of their genetic data to users and give power to take back their consent at any time. It reminded the capabilities of blockchain and calls users to embrace this innovative technology. 

Blockchain technology is known for its immutable and secure nature. But several blockchain hacks have succeeded in stealing financial assets from the robust blockchain networks. The recent Bybit hack is an example of how sophisticated hackers are stealing and laundering funds on-chain. Blockchain bridges are still vulnerable to hacks, even though blockchain technology is secure.  

The idea of bringing genetic data on-chain seems exciting and promising. However, we cannot say for sure that it is the best possible idea to protect the DNA data of millions of US users. 

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