Hyperliquid (HYPE), the decentralized perpetual trading platform and Layer 1 blockchain, edges higher

Hyperliquid (HYPE) price edged higher on Wednesday, trading at around $21.20 by 08:38 ET (12:38 GMT). The Layer 1 blockchain and decentralized perpetual trading platform rebounded nearly 6% so far this week.

HYPE Open Interest reaches new all-time high

CoinGlass data showed that the futures Open Interest (OI) in HYPE at exchanges rose to a new all-time high of $697 million. The futures OI at exchanges is used to measure the total outstanding positions held by traders at the end of each day.

An increasing OI usually signals new or additional money entering the market and new buying, which could fuel the current rally in the Hyperliquid’s token.

The futures OI in HYPE at exchanges slid from $622 million on Monday to $676.03 million on Wednesday, a new all-time high.

Ethena Labs launched USDe stablecoin on Hyperliquid on Monday, bringing the Dollar-pegged asset to a fast Decentralized Finance (DeFi) and derivatives hub.

This will allow users to hold a stablecoin pegged to the U.S. Dollar in a high-speed DeFi ecosystem known for decentralized perpetuals and leveraged products.

The integration of USDe into Hyperliquid’s ecosystem will benefit its native token HYPE as it increases ecosystem utility and adoption, boosts trading volume, attracts stablecoin liquidity, and signals growth through DeFi integrations and partnerships.

Hyperliquid’s technical outlook suggests 17% gains ahead

After finding support around its daily support level at $19.24 on Tuesday, Hyperliquid’s price recovered slightly. This level roughly coincides with the 50% Fibonacci retracement (drawn from the February 14 high of $28.53 to the April 7 low of $9.28) at $18.90.

At the time of writing, HYPE trades slightly above at around $21.23.

If HYPE continues its upward momentum, it could extend the rally by 17% from its current level to its psychological importance level of $25.

The Relative Strength Index (RSI) on the daily chart reads 66, above its neutral level of 50, indicating strong bullish momentum. The Moving Average Convergence Divergence (MACD) indicator also showed a bullish crossover, indicating a continuation of the upward trend.

But if HYPE fails to find support around the daily level of $19.24 and closes below it, it could extend the decline to retest its April 28 low of $16.90. A break below this level could open the door for further weakness to the next support level, which is the 38.2% Fibonacci retracement at $14.31.output: Named after the Greek goddess of abundance, Hyperliquid (HYPE) is a Layer 1 blockchain and decentralized perpetual trading platform.

The cryptocurrency is trading at a slight gain on Wednesday, but it managed to recover from lows of $19.0, which provided support at the 50% Fibonacci retracement level of the recent decline from highs of $28.53 to lows of $9.28.

At the time of writing, HYPE/USD is trading at around $21.23, up about 0.86% for the 24-hour period. The cryptocurrency is now trading at a new all-time high of $697 million, according to data from Coinglass.

This is a significant increase from the previous all-time high of $622 million, which was reached on Monday. The futures Open Interest (OI) at exchanges is used to measure the total outstanding positions held by traders at the end of each day.

An increasing OI usually signals new or additional money entering the market and new buying, which could fuel the current rally in the Hyperliquid’s token.

Ethena Labs announced on Monday that it has launched USDe stablecoin on Hyperliquid’s exchange and HyperEVM blockchain. This will allow users to hold a stablecoin pegged to the U.S. Dollar in a high-speed DeFi ecosystem known for decentralized perpetuals and leveraged products.

The integration of USDe into Hyperliquid’s ecosystem will benefit its native token HYPE as it increases ecosystem utility and adoption, boosts trading volume, attracts stablecoin liquidity, and signals growth through DeFi integrations and partnerships.