Bullish trend in Hyperliquid (HYPE) could be challenged as traders focus on a potential resistance range between $48 and $50.
In the world of cryptocurrency, Hyperliquid continues to make waves as its momentum shows no signs of slowing down. The digital asset HYPE has been experiencing a steady uptrend, with several key factors contributing to its growth.
Recently, a short-term dip into the support pocket has been observed, which some analysts believe could reset momentum before another leg higher for HYPE. A close above the $60 zone would open the door to further upside, with the next resistance for HYPE being near this price point. Holding the supports at $51 to $52 could allow HYPE to push beyond the $60 mark, as this zone has flipped into support with buyers consistently defending it.
The broader trend of Hyperliquid shows steady buy pressure and accumulation, a testament to the strong interest in the platform. This is further supported by the institution behind Hyperliquid's Automated TWAP program, which absorbed 31 million HYPE tokens. The accumulation of HYPE tokens strengthens the case for sustained price support and further expansion of Hyperliquid's market position.
Hyperliquid's revenue and trading volumes remain at record highs. July and August have delivered some of the biggest months on record for Hyperliquid in terms of revenue and trading volume. In fact, monthly revenue for Hyperliquid has crossed the $100M mark, a significant milestone for the platform. The perpetuals volume on Hyperliquid has surged to nearly $400B per month, reflecting the growing popularity of the platform.
The constant buybacks in Hyperliquid's model help maintain upward pressure on the market, contributing to its steady uptrend. The channel structure for HYPE's price action remains intact, indicating that the broader uptrend is still respected.
As long as the price holds the lower channel boundary, the Hyperliquid price prediction leans higher. If price can continue to hold above the $51-$52 zone, it sets the stage for expansion back toward the higher range. The latest retest zones for HYPE are being closely watched to see if they can hold, potentially leading to another move higher.
The near-term path for HYPE depends on how well it can defend its newly flipped support at $51 to $52. A potential fair value gap around the $48 to $50 zone could serve as a strong retest area for HYPE. If HYPE can successfully navigate these zones, it could set the stage for another leg higher in its ongoing uptrend.
In conclusion, Hyperliquid's strong performance and consistent growth indicate a promising future for the platform. With record revenues and trading volumes, a steady uptrend, and the support of major institutions, Hyperliquid continues to be a significant player in the cryptocurrency market.
Read also:
- IM Motors reveals extended-range powertrain akin to installing an internal combustion engine in a Tesla Model Y
- Ford Embraces Silicon Valley Approach, Introducing Affordable Mid-Sized Truck and Shared Platform
- Future Outlook for Tesla in 2024: Modest Expansion in Electric Vehicle Sales, Anticipated Surge in Self-Driving Stock
- Vegetable oils are similarly utilized in the process of road cleaning.
%20could%20be%20challenged%20as%20traders%20focus%20on%20a%20potential%20resistance%20range%20between%20%2448%20and%20%2450.){kind=link}