Hyperliquid’s HYPE Token Experiences Recovery After 40% Decline

Hyperliquid’s native crypto token HYPE has recently faced a significant 40% price decline but is now showing signs of recovery.

Traders Grow Bullish on HYPE

Traders are increasingly optimistic about HYPE, believing it can recover its recent losses. This renewed confidence is supported by positive market movements, fueling hopes for a price rebound.

Hyperliquid Sees Strong Support

In the past 24 hours, Open Interest for Hyperliquid rose by $44 million, totaling $428 million. This increase followed a recent uptick in price, adding momentum to the recovery. The growing Open Interest indicates traders’ confidence in HYPE’s potential for price rises, creating an optimistic atmosphere among investors.

Positive Market Conditions

Strengthening macro momentum in Hyperliquid is apparent, with key technical indicators like the MACD showing a shift from bearish to bullish trends this week. This positive sentiment may support further price growth as market conditions remain favorable for recovery.

Price Update

HYPE is currently trading at $16.10, up 14% over the last 24 hours and nearing the $16.50 resistance level. With significant upside potential, HYPE may eventually breach this barrier, moving toward $19.16 or even $20.00. However, if the $16.50 resistance is too strong, HYPE could drop back to $13.44, undermining the bullish outlook.