- HYPE flashed strong short-term bullish momentum and could be targeting $28 next
- Rising trading volume suggested the platform might be getting more popular among users
As a seasoned analyst with over two decades of experience under my belt, I have witnessed numerous market cycles and trends. The current surge in Hyperliquid [HYPE] is reminiscent of some of the most promising projects I’ve seen in my career.
In the past day, Hyperliquid [HYPE] surpassed the $20 mark just prior to the current reporting time. Remarkably, it experienced a 24.4% increase over the last 24 hours. Moreover, its trading volume swelled by 7.26% during this same period, indicating robust bullish sentiment. This surge in volume and positive price movement suggests strong bullish momentum.
As an analyst, I can confidently say that I’ve been observing a robust performance from the Hyperliquid platform. Notably, its cumulative perpetual trading volume has just breached the significant milestone of $500 billion. To put this into perspective, over the past week alone, it has consistently averaged an impressive daily trading volume exceeding $5 billion. This makes it one of the top-performing on-chain perpetuals trading platforms.
On the platform Hyperliquid, a notable occurrence took place as the perpetual volume of Ethereum (ETH) surpassed that of Bitcoin (BTC). The statistics provided by Hyperliquid indicated that out of its total Open Interest amounting to $3.48 billion, approximately $879.7 million was attributed to ETH trading, while BTC accounted for around $588 million.
HYPE to move to $28 next
Due to a successful airdrop and a product that perfectly matches the market, HYPE’s prices have skyrocketed. The high trading volume on the platform is proof of its popularity and potential increase in value over the next few months. (Paraphrased)
Currently, as I’m typing this, the market structure on the 4-hour chart continues to exhibit a robust bullish trend. The recent short-term surge from $15.6 to $18.75 was selected for determining the Fibonacci extension levels because the price subsequently touched the 50% mark.
1) At $19.48, the 23.6% extension level temporarily acted as a barrier for further increase. Meanwhile, the Moving Average Convergence Divergence (MACD) showed a strong bullish trend, but the moving averages struggled to match the price movement. Potential future bullish goals might be marked at $21.84, $24.93, and $28.00.
Read Hyperliquid’s [HYPE] Price Prediction 2024-25
HYPE is used in staking and to secure the platform’s HyperBFT (Byzantine Fault Tolerant) consensus mechanism that can theoretically handle 2 million transactions a second. It also acts as a gas token.
Hence, demand for HYPE is likely to increase as the platform grows in popularity among traders.
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2024-12-14 15:03