Hyperliquid Price Prediction: $66 Target Reopens After Arthur Hayes Shocks DeFi with a Fast Re-Entry

Hyperliquid (HYPE) started its new week with negative performance, but after some time, it managed to recover its losses and crossed the $63 mark. At the time we are writing this article, HYPE is trading at the $63.10 level, showing gains of more than 5 percent.

However, the main reasons for the initial fall in Hype were two: one was a bearish crypto market, which had a very negative impact on all coins including HYPE. Moreover, the second reason was that Arthur Hayes sold all his HYPE coins, which created an atmosphere of fear in the market. As a result, traders got shocked, and the price of this token dropped very rapidly.

But this token has managed to control its losses, and the reason for this latest recovery is that Arthur Hayes has again purchased 33,978 HYPE tokens, which has increased confidence in the market and boosted the demand for HYPE again, and its price has gone up again.

On the other hand, Hyperliquid is going to release a new batch of HYPE tokens this month, and according to the plan, the tokens to be released could be between 237 to 238 million, whose value is estimated to be more than 300 million dollars.

Therefore, this June unlock will have a negative impact on this token because the supply in the market will increase, and new tokens will enter the market.

Arthur Hayes Buys HYPE Again

Arthur Hayes, who is the co-founder and former CEO of the cryptocurrency exchange BitMEX, had earlier sold all his HYPE tokens at the rate of 72 dollars per token. But when the price of this token fell in the market, he re-entered the market and again bought 33,978 HYPE tokens at a price of 61 dollars, which were worth approximately 2.09 million dollars. This move shows that Arthur Hayes applied the sell high buy lower strategy in the market.

However, this re-entry also relaxes investors because when he had sold all his tokens, people got scared and became a bit cautious about the HYPE token. But now his buying again has increased confidence about the HYPE token in the market as traders think Arthur Hayes is becoming positive again on HYPE.

HYPE Joins Top Crypto Coins

In addition to all these things, the Hype token has achieved another milestone that places this token among the top 10 cryptocurrencies by market value. The market cap of this token has now reached 15.58 billion dollars, which makes it one of the most important and widely followed crypto coins in the market. This is very positive for this coin because it puts HYPE in the same group as major coins that investors and funds closely watch, which gives this coin more attention and trust.

HYPEUSDT 4H: Robust Pullback Fends Off 0.382 Fib within Ascending Channel

After surging to $75.80, the HYPEUSDT ($61.53) pair has since been undergoing a measured pullback on the 4H. Right now, the price is defending at the 0.382 Fib ($61.42), and that level corresponds with the most recent support swing and lies above the EMA200 ($56.82). As long as we see an established set of higher-highs and higher-lows, the structure looks bullish and the ascending trendline (in blue) lends additional support.

From a $38.15 low, the Fib extensions show an immediate resistance at 0.236 ($66.92) and at 0 ($75.80) from the recovery and deeper at 0.5 ($56.98) and 0.618 ($52.53) as the support, with the resistance overhead coming at EMA50 ($63.07). Meanwhile, the RSI14 is sitting near neutral at 49.52, with some room to go before it gets overbought; also, there doesn’t appear to be any bearish divergence that suggests a trend reversal. Also, volume is contracting which could hint at the possibility of a retracement, but not a sell-off in an uptrend.

The overall setup is quite strong here; this is another example of strong support being built at the 0.382 level and with HYPE inside this uptrending channel, we can anticipate this price to move higher in the near future as longs step in once the sellers run out of gas.

Trade Idea: Long $61.53 above $63.07 stop below $56.82 targeting $66.92 on Fib bounce.