Hyperliquid (HYPE) price continues to rise, targeting the $50 mark.
Key receivers
Hyperliquid has increased 8% in the last 24 hours, maintaining its position in the top 10. If bearish sentiment continues, the coin may rally towards the $50 psychological level.
HyperLiquid (HYPE) continues its upward momentum as of Tuesday, trading above $44 after an 8% gain the previous day. With strengthening data on the chain, favorable derivatives metrics and technical analysis pointing to further gains, the HYPE view remains bullish, with a target of $50.
Bullishness supported by chain and derivatives parameters
On-chain CryptoQuant data suggests strong buy-side dominance in both the hyperliquid spot and futures markets, with cooling conditions signaling favorable conditions for price increases. The market is showing largely neutral conditions on other metrics, reinforcing the possibility of an upward move.
On the origination front, HYPE futures open interest (OI) rose to $1.96 billion on Tuesday, up from $1.5 billion on April 3, according to data from CoinGlass. This continued increase in OI suggests that new capital has entered the market, which may increase the value of HYPE. This is the highest the futures has seen since early November.
Moreover, CoinGlass's long-to-short ratio for HYPE stands at 1.04, which indicates a high bullishness in the market, as many traders expect the price to rise.
Price Prediction: HYPE bulls target $50
HYPE/USD 4-hour chart is very smart and efficient. HYPE's price extended its gains, surpassing the March high of $43.75 and reaching above $44 on Tuesday. If the uptrend continues, HYPE could target an October 30 high of $50.15.
The Relative Strength Index (RSI) on the daily chart is currently at 69, indicating strong bullishness heading into overbought territory. Additionally, the Moving Average Convergence Divergence (MACD) indicator recently showed a significant crossover on April 10, supporting the positive outlook for HYPE.
If HYPE experiences a pullback, it could find support near the psychological $40 level. However, the current market conditions suggest that there is strong potential for further growth, with $50 being the next major resistance.
