Hyperliquid’s HYPE Token Eyes $35 Breakout Amid Surging Volume
The post Hyperliquid’s HYPE Token Eyes $35 Breakout Amid Surging Volume appeared on BitcoinEthereumNews.com. HYPE surges 15.7% in 24 hours, and tests a critical resistance level at $30. Whale traders open $1B BTC long, influencing broader market momentum. Hyperliquid’s native token, HYPE, is making waves as it nears a key resistance level around $30. Over the past month, it has surged more than 76%, with a substantial 15.21% gain in the last 24 hours. This rally is backed by significant upgrades in staking incentives, record-breaking open interest, and general activities in the DeFi space, all combining to thrust HYPE into the spotlight. After retesting the $26 to $28 range, HYPE is inching closer to its all-time high of $35. But technical charts suggest traders should tread carefully as momentum looks stretched, signaling that a breakout or a pullback could be just around the corner. Technical Indicators Flash Warning as Bulls Approach Resistance While the overall trend remains bullish, some warning signs have appeared. The token has suppased all its 10-day, 30-day, and 60-day MA at $26.88, $22.83, and $18.67 respectively which confirmed potential strong upward momentum. Yet, the current price action hints at possible exhaustion. The Relative Strength Index (RSI) at 78 and other momentum tools show overbought conditions on the daily chart. Should HYPE push above $30, it might trigger a short-term liquidity grab, where momentum traders rush in to take profits or chase the breakout. Intraday action confirms this pattern. HYPE briefly broke through intraday resistance during U.S. trading, hinting at a classic liquidity sweep. If the move doesn’t hold, we could see a swift correction, with essential support levels near the 50- and 200-period moving averages. Staking Incentives and Whale Activity Fuel Supply Squeeze A major driver behind HYPE’s surge is the launch of stHYPE, a staking mechanism that offers traders up to 40% off trading fees. This reward has encouraged…
The post Hyperliquid’s HYPE Token Eyes $35 Breakout Amid Surging Volume appeared on BitcoinEthereumNews.com.
HYPE surges 15.7% in 24 hours, and tests a critical resistance level at $30. Whale traders open $1B BTC long, influencing broader market momentum. Hyperliquid’s native token, HYPE, is making waves as it nears a key resistance level around $30. Over the past month, it has surged more than 76%, with a substantial 15.21% gain in the last 24 hours. This rally is backed by significant upgrades in staking incentives, record-breaking open interest, and general activities in the DeFi space, all combining to thrust HYPE into the spotlight. After retesting the $26 to $28 range, HYPE is inching closer to its all-time high of $35. But technical charts suggest traders should tread carefully as momentum looks stretched, signaling that a breakout or a pullback could be just around the corner. Technical Indicators Flash Warning as Bulls Approach Resistance While the overall trend remains bullish, some warning signs have appeared. The token has suppased all its 10-day, 30-day, and 60-day MA at $26.88, $22.83, and $18.67 respectively which confirmed potential strong upward momentum. Yet, the current price action hints at possible exhaustion. The Relative Strength Index (RSI) at 78 and other momentum tools show overbought conditions on the daily chart. Should HYPE push above $30, it might trigger a short-term liquidity grab, where momentum traders rush in to take profits or chase the breakout. Intraday action confirms this pattern. HYPE briefly broke through intraday resistance during U.S. trading, hinting at a classic liquidity sweep. If the move doesn’t hold, we could see a swift correction, with essential support levels near the 50- and 200-period moving averages. Staking Incentives and Whale Activity Fuel Supply Squeeze A major driver behind HYPE’s surge is the launch of stHYPE, a staking mechanism that offers traders up to 40% off trading fees. This reward has encouraged…
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