Hyperliquid is more than other major coins, eyes more profit
Key receivers
HYPE is up 10% in the last 24 hours, outperforming all other major cryptocurrencies.
The coin may rise to the psychological level of $50 in the near future.
Hyperliquid (HYPE) is nearing $40 as the US-Iran ceasefire boosts market sentiment.
HYPE, the native coin of Hyperliquid DEX, is approaching the $40 mark on Wednesday, extending the recovery associated with the US-Iran ceasefire.
HYPE demand in retail continues to grow, boosting futures demand amid a broad market rally. Technically, HYPE has broken out of a falling channel pattern on the 4-hour chart, indicating a near-term breakout.
HyperLiquid, a 24/7 trading platform for crude oil and other commodities, is seeing a boost during the crisis amid the US-Iran conflict. The ongoing recovery in the crypto market sparked by the ceasefire has fueled HYPE's enthusiasm for recovery.
As he says CoinGlass dataHYPE Futures open interest (OI) reached $1.64 billion on Wednesday, a 9% increase over the past 24 hours. Typically, such an OI spread during a spot market rally indicates growing interest in the market.
Over the past 24 hours, the liquidity has seen a total of $4.49 million led by short-term liquidity of $4.28 million, indicating weakness on the sell side. Additionally, OI-weighted funding remains positive at 0.0082%, indicating continued bullish sentiment among traders.
Will HYPE rally to the $50 mark?
The Hype/USD 4-hour chart is smart and efficient as HyperLiquid is the best performer among the leading cryptocurrencies.
HYPE is trading above the 50- and 200-period Exponential Moving Averages (EMAs) on the 4-hour chart, indicating a trend reversal.
At the time of writing, HYPE is trading around $39.00, extending the breakout of the falling channel pattern.
The Moving Average Convergence Divergence (MACD) line is above the signal and zero line, indicating a strengthening reversal momentum.
The Relative Strength Index (RSI) at 66 remains below overbought territory, with clear weakness at this level suggesting strong buying pressure.
If the rally continues, HYPE could rise to its first high resistance level at $43. A daily candle that closes above this level paves the way for a further rally to the $50 psychological zone.
However, if the market turns, HYPE could test the 200-period EMA at $37.10. A break below this support zone avoids a breakout of the trend and exacerbates the downside risk.
