HYPE Price Forecast: Will Rising Channel Support Fuel a Move Toward All-Time Highs?

Quick overview

Hyperliquid (HYPE) looks structurally strong, holding at $62.478, as a large number of buyers have been pushing the asset higher and delivering a significant intraday single session recovery of 5.12%. Hyperliquid’s decentralized derivatives play is currently consolidating in a strong squeeze continuation pattern on the two-hour timeframe inside a rising trend channel amid massive on-chain volume and increasing institutional share.

What’s Driving This Coin Today

1. All-time-high (ATH) perpetuals dominance. Hyperliquid’s native L1 network reached an all-time-high for perpetuals volume at $9.5B over the past 24 hours, which amounts to about 70% of total DEX open interest (OI).
2. Regulation is here. Hyperliquid’s native token is taking advantage of a major regulatory tailwind as the Digital Asset Market Clarity Act (CLARITY Act) is getting closer to reaching the U.S. Senate for a full vote. This bipartisan framework with its clear commodity definitions has opened the door for more regulated institutional participation.
3. Fiat-to-crypto adoption on-ramp. Hyperliquid’s native platform demand is ramping up as third party apps are being built on the exchange’s Builder Program. For example, decentralized non-custodial wallets like Phantom have generated millions of network fees on-chain, and the exchange itself is becoming a major DEX for large European macro funds seeking decentralized derivatives.

HYPE Price Forecast: Technical Analysis

The 2H chart of HYPE shows a clear pattern change into a bullish structure that has already rallied hard from the base of its multi-week range to a new all-time high of $64.919, forming a bullish flag pattern in the process.

The price continues to form higher lows on this pattern against a falling trend line. The green line is an important moving average level where prices will bounce, and HYPE looks to be holding above the $60.605-$62.478 zone in which buyers are absorbing short-term dips. RSI (14) looks neutral at 53, which resets the indicator after getting overbought during the previous day’s move, meaning plenty of room for growth above.

Resistance: $63.277 (next immediate resistance), $64.919 (previous ATH resistance) and $70.00.

Support: $60.605 (previous base) and $59.50. Structural support is around $50.

HYPE Trading Plan

The setup is looking very bullish as prices consolidate near the top of the trend.

Buy stop entry order when the price closes back over $63.277 on the 2H candle.

Targets: $64.919 and $70.00.

Stop Loss: Below the horizontal line at $60.605.

Outlook

We believe the short-term forecast is very bullish for Hyperliquid’s current trend structure, as the coin is getting ready to move back to its previous all-time highs. While volatility is still high for a young DeFi network, Hyperliquid’s lean cost base, lack of VC dilution, and huge fee generation create a strong fundamental floor. Traders should watch for increasing volume levels on this trendline and take advantage of any pullbacks to the structure before HYPE can potentially move higher in the next major swing up.

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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