HYPE Price Rebound: Open Interest Soars

HYPE Price Rebound: Open Interest Soars

Hyperliquid's native token, HYPE, recently experienced a significant 40% price decline. However, the altcoin is exhibiting signs of a strong recovery, fueled by renewed trader confidence and positive market momentum.

Hyperliquid Finds Strong Support

Open Interest for Hyperliquid has increased by $44 million in the last 24 hours, reaching a total of $428 million. This substantial increase follows a recent price uptick, adding momentum to the ongoing recovery. The rise in Open Interest suggests growing trader confidence in HYPE's potential for further price appreciation.

Source: Coinglass

The positive sentiment extends to other technical indicators. The Moving Average Convergence Divergence (MACD) shows a clear shift from a bearish to a bullish trend, ending a month-long bearish crossover. This signals potential for sustained upward momentum.

Source: TradingView

HYPE Price Faces Barrier

Currently trading at $16.10 (a 14% increase in the last 24 hours), HYPE is approaching the $16.50 resistance level. A break above this level could propel HYPE towards $19.16, potentially even reaching $20.00. However, failure to break through $16.50 could see the price revert to $13.44.

Source: TradingView

Disclaimer: This analysis is for informational purposes only and should not be considered financial or investment advice. Market conditions change rapidly. Conduct your own thorough research and consult with a professional before making any financial decisions.

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