The cryptocurrency market is full of hidden gems like HYPE, showcasing very positive technical signals. With a surge in trading volume and unprecedented open interest, this altcoin could hold some pleasant surprises.
Crypto investors are closely monitoring the Hyperliquid (HYPE) trajectory, which has been skyrocketing in recent months. After hitting a low of $9 in April, HYPE recently peaked at $39.6, representing a surge of over 315% in just a few weeks.
This bullish momentum can be attributed to several highly favorable technical and fundamental factors. First, HYPE’s 7-day trading volume surged by 13.36% to reach $78.67 billion, making this altcoin one of the most active players in the DeFi sector.
Furthermore, the open interest in HYPE’s derivatives products reached a record level of $1.39 billion, surpassing its main competitors by a wide margin. This intense derivative activity reflects traders’ enthusiasm for HYPE, enabling them to leverage strategies to target higher returns.
It is also worth noting the potential impact of James Wynn on the price, this millionaire trader who recently closed a long position on BTC for over $1.1 billion.
From a technical perspective, HYPE’s chart pattern is also very encouraging. The altcoin recently managed to break above the resistance of a symmetrical triangle pattern, a classic signal of a bullish trend. Moreover, HYPE is significantly above its 20 and 50-day moving averages, reinforcing the strength of the positive trend.
Even better, analysts are identifying the formation of a “cup and handle” pattern, a chart pattern often seen as a signal for a bullish continuation. If this pattern confirms, HYPE could aim for a price target around $47.7, representing a potential surge of 24% from current levels.
If the trend persists, HYPE could even reach $50 or $60 in the coming weeks. However, in the short term, HYPE displays a bearish divergence in the 4H RSI. This weakness in buyers should hinder HYPE from advancing in the next few hours.
If buyers regain control, the 1H FBB suggests a potential target at $45 minimum in the next few days.
Beyond technical considerations, HYPE also benefits from a bullish fundamental backdrop. The platform has recently proactively addressed concerns from the U.S. Commodity Futures Trading Commission, sparking increased interest from institutional investors and large traders.
Google searches also show a significant increase in queries related to “HYPE,” reflecting a growing public enthusiasm for this altcoin. This renewed interest from retail investors could fuel new buying waves and push prices even higher.
With positive technical signals, record derivative activity, and a favorable environment, HYPERLIQUID seems well-positioned to continue its ascent in the coming weeks. It is worth noting that HYPE is one of the few cryptocurrencies to have recently achieved a new ATH.
Savvy crypto investors will undoubtedly benefit from closely monitoring the progress of this promising DeFi altcoin, which could hold pleasant surprises for patient holders.
Acquiring the Hyperliquid token on Bitget is a quick and secure process, perfect for investors looking to capitalize on a potential 24% rally as per recent technical analyses. Here are the simple steps to purchase HYPE:
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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