HYPE rose by 23 percent while commodity trading increased with Hyperliquid
Key receivers
HYPE is up 23% in the last 24 hours and is now trading above $27.
The rally follows a surge in commodity trading as demand for safe-haven assets such as gold and silver rises.
Commodity trading on Hypeliquid makes HYPE over $27
HYPE, the native coin of Hyperliquid's decentralized exchange, is among the 20 best performing cryptocurrencies by market cap.
The coin has gained 23% in the last 24 hours and is now trading above $27 per coin. The rally marked a new milestone for the HyperLiquid HIP-3 decentralized exchange, with open demand rising to $790 million.
This figure represents growth of more than 200% over the previous month, but is below Hyperliquid's $8 billion in open interest across all markets.
HIP-3 has been around since October 3 and will allow qualified developers to deploy their own perpetual futures markets on Hyperliquid's HyperCore infrastructure.
Thanks to this framework, trading for a variety of assets beyond traditional cryptocurrencies, including commodities, stocks and other real-world assets, is now available on Hyperliquid.
HyperLiquid CEO Jeff Yan X is described that,
“Hyperliquid has quietly reached a milestone in becoming the world's most liquid place for crypto price discovery. With HIP-3 teams leading the way, Hyperliquid has also become the most liquid place in tradfi assets.
The increase in trading volume can be attributed to the increased interest in gold and interest. Investors have been turning their money into gold and silver as safe havens amid global economic uncertainty.
Gold and silver perpetual contracts showed particularly strong volume as investors sought hedges against inflation and geopolitical risks.
According to data from Flowscan, HIP-3 recorded a daily trading volume of $1.29 billion in the last 24 hours and had $693.8 million in interest at the time of publication.
HYPE faces critical resistance at $28.4
The HYPE/USD 4H chart is flashy and agile as Hyperliquid has gathered over the past 24 hours. The coin has gained 23% since Monday and is now trading above its 20-day exponential moving average (EMA).
HYPE is currently trading at $27.4 and may come to the resistance level of $28.4 in near term. An extended rally allows HYPE to hit the $30 psychological mark.
The Relative Strength Index (RSI) and MACD are above their neutral levels, indicating a dominant bullish trend.
However, if the $28 resistance holds, HYPE could retest Monday's low of $21.6 in the near term.
