Image(s) are kindly provided by Unsplash
Quick analysis of the situation
Hold onto your digital wallets, crypto enthusiasts! Hyperliquid’s native token, HYPE, has taken a delightful leap this Thursday, jumping over 8% and trading near $58.77. That’s right, folks—after bouncing back from a previous record low of $57.40, HYPE is just shy of the illustrious $60 psychological barrier. Can we get a round of applause, or at least a happy little dance?
What’s behind this jolly price action, you ask? Well, the stars have aligned thanks to the successful integration of USDC and Circle’s Cross-Chain Transfer Protocol (CCTP V2) on Hyperliquid’s shiny Ethereum Virtual Machine (EVM). This upgrade spruces up liquidity and security like a fresh coat of paint, enhancing the overall experience for DeFi users. Faster deposits? Yes, please! With this nifty enhancement, analysts are betting big that institutional traders will soon come knocking, eager to ride the HYPE wave into the sunlit shores of long-term adoption.
Now, let’s talk turkey—or in this case, revenue. Hyperliquid isn’t just flexing its muscles in price; its fundamentals are equally robust. Believe it or not, this network generated a whopping $2.5 million in fees in a single day—yes, you read that right—outperforming heavyweights like Ethereum and Solana. According to the crystal ball—er, Artemis Terminal—the third quarter was Hyperliquid’s strongest yet, raking in total fees of $250.45 million. That’s a net income of $243.59 million for token holders, all from a lean, mean team of just 11 members. Talk about efficiency!
As if that weren’t enough to stoke the flames of optimism, traders have been eyeing staking incentives and an expanding list of exchange partnerships that could firmly place HYPE among the top contenders in the market grappling for crypto dominance. HYPE is clearly not just a pretty face!
However, before we start dancing in the streets with our HYPE tokens, let’s get real for a moment. Technical analysis has a sneaky way of throwing water on the party. The two-hour chart shows HYPE has been flirting with $59.36, testing the upper boundary of a rising wedge—for those unfamiliar, that pattern is often a signal of weakening momentum. The Relative Strength Index (RSI) is hanging near overbought levels with a bearish divergence waving its red flag. If HYPE were to get a cold shoulder at $59.36, a pullback to $55 support could quickly come into play, with deeper slumps eyeing the $52–$48 range if the selling intensifies. Yikes!
But—because we love a good plot twist—should the bulls muster the strength to defend that support and deliver us a bullish engulfing candle, HYPE could just as easily smash through that $60 barrier, maybe even journeying towards the ambitious land of $70, as projected by some optimistic Polymarket traders. Who knew crypto could be this much of a rollercoaster?
For now, the battleground appears to be drawn at $59.36. Will Hyperliquid break through the clouds and soar, or will it face the dreaded wedge breakdown? The upcoming days will tell the tale—so buckle up, fellow traders, because the crypto cosmos is ringing with the sound of potential!
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash and/or other free sources. They are illustrative and may not represent the content truly.
0 Comments
Please, behave!