Following Bitcoin
$0.000039‘s (BTC) meteoric rise to nearly $112,000, investors have turned their attention to an altcoin known as Hyperliquid (HYPE). Recently surpassing $30, HYPE has consistently formed higher lows and highs, generating considerable momentum. Technical indicators and market behavior suggest this upward trend could persist. If this movement sustains, the coin’s price is anticipated to exceed its all-time high of $35 within 48 hours.
HYPE Coin Draws Strong Interest from Investors
After a prolonged period of lateral movement around $25, Hyperliquid experienced a sharp breakout, successfully surpassing the $30 mark. This breakout has attracted the attention of both whales and popular figures on social media. Consequently, HYPE has quickly become one of the most talked-about altcoins in the market. This surge in investor interest has naturally triggered a “FOMO” effect among retail investors. Concurrently, the increase in positions among large wallets indicates a high level of confidence in HYPE coin.
In tandem with the price increase, the Open Interest value in the altcoin’s futures market has also exceeded $1.1 billion, setting a record. This suggests an inflow of new capital and investors holding long positions in HYPE, expecting continued price increases. The spike in open positions confirms an exceedingly active market and strong liquidity within the altcoin, common indicators that the current trend may persist.
Technical Indicators Promise More for the Altcoin
HYPE’s price continues to test the $29.64 level, corresponding to the 0.786 Fibonacci retracement level. Daily closings above this level would technically affirm the uptrend. The Relative Strength Index (RSI) is heading toward the overbought zone, while the Directional Movement Index (DMI) is showing positive divergence. The Average Directional Index (ADX) suggests a strong trend is on the horizon.
The combination of all these technical signals indicates that HYPE could maintain its current momentum and reach the $35 peak. If this level is breached, entering a price discovery phase leading up to the 1.2 Fibonacci level at $42.15 would not be surprising, further increasing its discussion as one of the top altcoins in the short term.