As the markets began the weekly trade, displaying some bullish momentum, the Hyperliquid price quickly rose and achieved new highs at $44.76. The token remained elevated throughout the past week, attracting over 25% gains. The market conditions surrounding the token hint towards a bullish continuation, as the traders have shown huge optimism about the upcoming HYPE price action. Besides, the technicals and the chart patterns suggest the token will remain within the discovery phase for a long time.
Hyperliquid CEX: Open Interest Marks New Highs
Open interest is one of the important indicators that reflect the mindset of the market participants who bet on the upcoming price action, i.e., the futures. The open interest has marked a new ATH, suggesting a steep rise in the trading activity and new money entering the platform. More traders are entering positions, either long or short, while the market is becoming more active and potentially more liquid.
As per the data from Coinglass, the OI has been rising along with the price and has reached over $1.83 billion. The OI has been on a steady rise, which suggests a consistent rise in the traders’ interest in the token. The rise in the OI combined with the rise in the price suggests the traders are bullish on HYPE which could keep the levels elevated.
Future Trade Count & Volume Raises Concerns
The future trade count is the number of trades for HYPE on the exchanges, while the future volume refers to the USD volume. Both of them have been dropping extensively over the past couple of days, which could raise some concerns.
The data from Messari.io displays a massive drop just before the price rose high to mark a new ATH above $44. Despite a new ATH, the levels failed to rebound, which suggests the future trades may have halted, placing their bets. This also indicates that the traders may be done with placing their bets, and as a result, the levels have dropped back to the initial levels.
What’s Next? Will HYPE Price Reach $50 in the Next 24 Hours?
Hyperliquid price has broken all the barriers and has officially entered the discovery phase. The token has also withstood a significant correction, which suggests the price is now under an acute bullish influence. While the technicals remain bullish, the Hyperliquid price is now believed to maintain a steep upswing and eventually continue to discover new highs.
As seen in the above chart, the price has maintained a steep ascending trend and surpassed the 1 FIB level at $43.6. With this, the token has unlocked the possibility of reaching the 1.2 FIB at $52.99, crossing the pivotal resistance at $50. The MACD displays a bullish divergence while the CMF has entered the positive range after rebounding from the interim lows. With this, the Hyperliquid (HYPE) price is expected to maintain a healthy upswing, while the drop in volume could raise some concerns.
