What to know:
- HYPE trading volume jumped 9.37% to $948 million, increasing the chances of a breakout above the $43.7 resistance level.
- Analysts highlight a bullish ascending triangle on the HYPE chart, a setup often linked to strong breakout rallies.
- Hyperliquid continues outperforming altcoins by forming higher highs and holding support above the 20-day EMA.
Hyperliquid (HYPE) is moving in an upward consolidation phase as BTC has maintained its position above the $80K level. However, the HYPE price breakout is also supported by rising open interest and volume. According to CoinMarketCap, as of Saturday, May 9, HYPE is currently trading at $43.46, with a 24-hour gain of 2.18%.
Source: CoinMarketCap
HYPE Derivative Data Reveals Bullish Potential
According to CoinGlass, the HYPE open interest also recorded positive growth, climbing 3.61% to $1.68 billion. The increase suggests that more positions were opened in the market, signaling rising confidence among participants and the potential continuation of the positive trend.
Source: Coinglass
Furthermore, trading volume experienced an increase of 9.37%, reaching $948.12 million. This rise indicates heightened market activity and stronger participation from traders and investors, reflecting growing interest and momentum in the market.
Also Read: Hyperliquid (HYPE) leads perpetual DEX surge, bullish breakout targets $120
HYPE Price Eyes Breakout With $43.70 in Focus
Furthermore, the crypto analyst The Cryptomist pointed out that HYPE continues to gain positive attention from traders, being recognized as one of the best long positions that investors can take.
The token continues to exceed the traders’ expectations in maintaining higher lows amidst volatile market trends while retaining a strong buy-in trend. The analysts indicate that the current streak is evidence of investor confidence in HYPE.
Source: The Cryptomist’s X Post
The HYPE price chart is under close scrutiny as it starts to form an ascending triangle, a classic breakout pattern. This suggests that bulls have started to nibble through resistance while gaining momentum.
If confirmed, it is expected that the token will break out into gains in the direction of the $43.7 area, possibly accompanied by increased volume and a new wave of buying.
Technical Indicators Point to Bullish Outlook
According to TradingView, the HYPE price is showing an evident upward trend, currently trading near the $43.38 mark. From February onwards, there have been a series of higher highs and higher lows, consistently holding above the 20-day EMA level.
This suggests persistent buying pressure and an ascending trend towards an important local resistance area.
Source: TradingView
The HYPE price remains above all four EMAs, positioned in perfect bullish alignment: the 20, 50, 100, and 200 EMAs.
At the RSI reading of 59.15, it appears the market could still rise before becoming overbought. This means bulls will be ready for an eventual breakout above 44.00 to help drive the current recovery.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Hyperliquid DATs Accumulate Close to 9% of HYPE Supply
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