Key Points:
Hyperliquid's robust growth is expected to continue attracting investor attention to HYPE.
According to the semi-annual crypto derivatives outlook released by CoinGlass, Hyperliquid (HYPE) has shown strong growth over the past year, with daily trading volume surging from less than $100 million to between $3 billion and $5 billion.
The report states: "Hyperliquid holds over 80% of the DeFi perpetual contract market."
Can Hyperliquid's increasingly dominant position further drive HYPE's performance? Let's find the answer through chart analysis.
HYPE found support and rebounded at the 50-day simple moving average (SMA) ($37.08) on Tuesday, indicating demand at lower levels.
The 20-day exponential moving average (EMA) ($38.43) is showing a slow upward trend, and the relative strength index (RSI) is above the midpoint, suggesting a slight advantage for the bulls. HYPE/USDT may rise to $41.23, which is a key resistance level. If this level is broken, the price is expected to rise to $44, or even $45.80.
Attention should be paid to the support role of the 50-day SMA below. If this support is broken, the price may drop to $35.33, and further decline could target $30.69.
From the 4-hour chart, the trading pair has been consolidating in the range of $36.82 to $41.23 recently. The moving averages are flattening, and the RSI is close to the midpoint, indicating no clear advantage for either side.
If the price can maintain above the moving averages, it is expected to rise to $40 and $41.23. A breakout above $41.23 would mean that buying power has overcome selling pressure, potentially opening the way for a move towards $44.
Conversely, if the price falls below and stays under the moving averages, the trading pair may retreat to the strong support level of $36.82.
Related: The SEC's "crypto mom" clarifies: "Tokenized securities are still securities."
Original: “User growth could send HYPE back to $45”
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