What is Hyperliquid and how did it grow so fast? | Credit: Hameem Sarwar
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Key Takeaways
HYPE has climbed 6.36% in 24 hours, reclaiming $41.85 and sits just 8.12% below its all-time high.
Crypto analyst suggests HYPE’s price will hit a new all-time high if it decisively breaks above $42.
HYPE could rally to $50.06 if capital rotation continues to rise into the altcoin, indicators showed.
Hyperliquid’s (HYPE) price has regained $40 again, fueling speculation of a breakout beyond its all-time high. On Tuesday, July 7, HYPE’s price fell to $37.40, with signs that the altcoin could trade lower.
However, after Bitcoin (BTC) notched a new all-time high yesterday, the crypto market activated risk-on mode. As expected, the Hyperliquid crypto was a beneficiary, rising 6.36% in the last 24 hours.
At $41.85, HYPE’s price is now only 8.12% from retesting its all-time high. But can it overcome resistance and climb to $50?
Hyperliquid Coin Recovers
Since reaching an all-time high on June 16, HYPE’s price has found it challenging to reach that level. According to the 4-hour chart, bulls attempted to push the price above this region on two separate occasions, but faced rejection.
For instance, on June 20, HYPE attempted to break $40, but it hit $37. It was rejected when it reached $37.68, forcing a pullback.
Later, on the last day of last month, HYPE faced resistance at $41.79. Today, the altcoin is approaching a similar pattern while trading in an ascending channel.
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However, unlike its previous rejection, HYPE’s price appears ready to climb toward $45. One reason for this is the Awesome Oscillator (AO) position.
As seen below, the AO has bounced to the positive zone, indicating bullish momentum. Likewise, the Moving Average Convergence Divergence (MACD) has formed a bullish crossover to reinforce the thesis around the cryptocurrency.
If sustained, this setup could drive the price beyond the resistance at $42.56 and $44.61. This move also aligns with the opinion of crypto Analyst Ansem.
According to him, HYPE’s price might reach a new all-time high once it breaks the $42 resistance and BTC surges past $112,000.
“$40-$42 main resistance on HYPE $109k-$112k main resistance on Bitcoin both good spots to hedge spot bags until confirmed breakout higher believe both will be at ATHs in Q4,” Ansem wrote on X.
While Bitcoin’s price has broken $112,000, the daily chart shows that HYPE could be on its way to break $45. From the image below, the green line of the Supertrend is positioned below the altcoin’s price, indicating strong support.
In addition, the Chaikin Money Flow (CMF) has risen to $0.25. This rise in the CMF rating indicates increasing buying pressure.
If this remains the same, HYPE’s price might exceed $45.85. Once validated, the next move for the price could be $50.06.
After that, it could rally to $52.52. On the contrary, this prediction might not happen if capital does not continue to rotate into HYPE.
If that were to happen, the cryptocurrency’s value might decline to $31.90 at the 0.382 Fibonacci retracement level. If selling pressure increases, it might slide below $25.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
