The crypto markets are turning bullish as the Bitcoin price smashed a new ATH close to $112 in the early trading hours. Besides, the Hyperliquid (HYPE) price is also inching close to its ATH at $35. After maintaining consecutive higher highs and lows, the HYPE price is expected to trigger a 30% upswing in the coming days and mark new highs.
The Hypeliquid price is marching strongly past $30 after breaking above the consolidated zone around $25. The rise reflects a massive increase in the trader’s confidence as whales and influencers are stacking, fueling a blend of retail FOMO and deep-pocket conviction. As the price surged, the Open Interest of the token also marked new highs which has reaching over $1.1 billion.
An increase in the open interest suggests that new money or capital is entering the market, potentially signaling a continuation of the current trend. It also indicates that more traders are actively holding positions in a particular market. The higher open interest is considered a positive sign as it indicates greater market participation and liquidity.
The historical chart of HYPE suggests the price is strongly heading towards the highs as it is working hard to secure the highs above the 0.786 FiB levels at $29.64. A daily close above this level is expected to keep up the trend, as the technicals also point towards a bullish continuation. The DMI has displayed a bullish divergence while the ADX is heading towards the upper threshold. Meanwhile, the RSI, which was consolidating along the upper threshold, is rising into the overbought zone.
This suggests the Hyperliquid (HYPE) price is poised to maintain a healthy ascending trend and test the ATH at $35. With this, the price is believed to enter the discovery phase and eventually reach the 1.2 FIB at $42.15, marking new highs for the current price cycle.
