Key Takeaways
- HYPE token targets the top 10 marketcap spot as its price attempts to discover its value following recent all-time highs.
- The HYPE token remains a strong crypto project with a large community backing, as its price has the potential to reach the $100 mark.
- Crypto experts believe HYPE token use cases and price action are an advantage for a strong bullish rally.
The Hyperliquid ecosystem has been on the lips of many crypto traders and investors in the past few weeks following a strong price rally from a region of $10 to a high of $40, which is over 380% price rally in the last couple of weeks as the price has gained much market attention and prediction of a possible rally to $100.
While the price has gained over 90% in a single month, making it one of the best-performing crypto assets in May. The price of HYPE currently trades around $ 34.30, maintaining its strong bullish price action despite market uncertainties, as the price of Bitcoin (BTC) struggles to break above its $111,700 all-time high.
Recent market volatility and price action have stemmed from a strong volume for HYPE and open interest, as investors have shown increased interest in trading HYPE tokens and demonstrated a willingness to trade derivatives on the Hyperliquid platform.
A few months ago, between January and March, the price of the HYPE token struggled with bearish price action, as the price crashed to its low of $10, with bears being in control of the price. The recent surge in price and volume indicates a change in investors’ interest, as the price could rally higher.
HYPE Price Analysis
Source – HYPE Price Chart From Coinmarketcap
From the charts above, the price of HYPE made a strong entrance into the market, rallying towards a high of $42, but faced a bearish price decline from its high towards a low of $ 10 price traded around this region for some time, building bullish momentum to breakout to the upside.
This zone of the price range was eventually broken out to the upside as the price rallied above the key daily resistance of $17, accompanied by strong volume. The price defied its downtrend, holding its bullish rally, as HYPE bulls aimed for strong highs.
The price of HYPE retested this support zone of $17, confirming bullish price dominance as it rallied from this point towards $40, gaining significant buzz in the crypto space. Speculation arose about a potential break of its all-time high, with the price potentially seeing a minor retracement before continuing to the upside.
Market Reaction and Expectations For Hyperliquid
Following strong price action for the HYPE token, top crypto trader Crypto_Chase has stated that he would not be looking to short HYPE, as the price appears bullish and is likely to continue rallying to new highs, except for a clean, higher timeframe market structure shift.
Ansem has also stated that HYPE should be a top 10 crypto asset by market capitalization, following strong price action and a community strongly behind its project. While HYPE currently struggles with little market retracement, it has the potential to rally toward a high of $100 before the end of the current bull market.
