HYPE Aims for a 24% Rally Thanks to Bullish Technical Patterns

Crypto investors are closely monitoring the Hyperliquid (HYPE) trajectory, which has been skyrocketing in recent months.

Cryptocurrency investors are keeping a close eye on the trajectory of HYPE, which has been soaring in recent times. After hitting a low of $9 in April, HYPE recently peaked at $39.6, marking an increase of over 315% in just a few weeks.

This bullish momentum can be attributed to several highly favorable technical and fundamental factors. Firstly, HYPE’s 7-day trading volume soared by 13.36% to reach $78.67 billion, making this altcoin one of the most active players in the DeFi sector.

Hyperliquid reached new all-time highs again: + Open interest: $10.1B + 24h fees: $5.6M + USDC TVL: $3.5BWelcome to all new members of the ecosystem. pic.twitter.com/AoWVPRINGA

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 allows traders to leverage strategies and target higher returns.

It is also worth mentioning the potential impact of James Wynn on the price, as the millionaire trader recently closed a long position on BTC for over $1.1 billion.

Very Positive Technical Signals

From a technical standpoint, the signals are very positive for HYPE. The altcoin recently broke through the resistance of a symmetrical triangle pattern, a classic technical pattern that usually signals the continuation of a bullish trend.

Moreover, HYPE is trading significantly above its 20 and 50-day moving averages, further reinforcing the strength of the positive trend.

Even better, analysts are identifying the formation of a “cup and handle” pattern, another chart pattern often seen as a bullish continuation. If this pattern confirms, HYPE could aim for a price target around $47.7, which represents 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 prevent any significant advances by HYPE in the next few hours.

If buyers regain control, the 1H FBB suggests a potential target at $45 minimum in the next few days.

Favorable Outlook and Growing Institutional Interest

Beyond technical factors, 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.

Interesting. Previous google search high was at ATHs of $30+, but this time it’s lagging behind by alot.We’re still early.Hyperliquid. pic.twitter.com/A5AwFg6TnT

Google searches also show a significant increase in queries related to “HYPE,” indicating 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.

How to Buy HYPE on Bitget?

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: