While the major tokens are struggling to shed the accumulated selling pressure, Hyperliquid attracts a significant buying volume. As a result, the token breaks all barriers and barges to form a new ATH above $44. However, the token is facing a small retracement at the moment, but the price remains above the pivotal support, suggesting more room for the HYPE price to rise. The next set target for the rally appears to be at $50, but the question arises whether the Hyperliquid price will make it to the levels as effortlessly as it has till now?
Why is the Hyperliquid Price Rising?
The HYPE token has dominated the top 15 cryptos with explosive 12.4% weekly gains and a massive 67.2% monthly surge. The Hyperliquid’s decentralised exchange attracted massive trader migration through superior perpetual futures offerings that compete with major centralised platforms. One of the major reasons behind the surge is speculated to be that a whale drove the HYPE momentum by leveraging $11.15 million. Besides, the Hyperliquid monthly perps volume and futures open interest both continue to rise.
Will HYPE price reach $50 in the next 24 hours?
As seen in the above chart, the HYPE price has been maintaining a healthy ascending trend ever since the token triggered a rebound from the bottom below $10. The token constantly printed higher highs and lows, suggesting the bulls have strong control over the rally. The CMF had maintained a steep bearish trend, despite the price remaining elevated. Now that the levels have displayed a bullish divergence and are about to rise above 0. This indicates the trend is about to change from bearish to bullish.
On the other hand, the RSI has reached the overbought levels, and despite a pullback, the levels remain within the range. Hence, this suggests the Hyperliquid price is primed to maintian a steep ascenidng trend and eventually stay in the discovery phase. The next target could be at 1.2FIB levels above $50, around $52.
