HYPE soars 10% to all-time high — more to come | Credit: Hameem Sarwar
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Key Takeaways
HYPE set a new all-time high, reaching $44.76 after rebounding from a weekend dip below $40.
A short squeeze may be underway, as over $1 million in short positions were liquidated.
However, a breakdown below $40.36 could trigger a retracement to $32.95 or sub-$30 levels.
Hyperliquid’s native token HYPE has again entered price discovery mode after setting a new all-time high today. Over the weekend, the Hyperliquid crypto price briefly dipped below $40, now acting as a psychological support zone.
However, in the past few hours, HYPE surged to a peak of $44.76, marking a 10% gain over the last 24 hours. With this latest move, the token’s year-to-date (YTD) performance now stands at a 70% gain.
Here is what could be next after this new milestone.
Hyperliquid Defies Bears, Hits Record High
Over the weekend, HYPE’s price faced resistance at $42.45, causing the altcoin to dip below $40 on Saturday, June 14.
However, much like previous instances, bulls quickly stepped in to defend the level, pushing the Hyperliquid crypto price back up.
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This renewed momentum was reflected in the Bull Bear Power (BBP) indicator, which showed an increase in the green histogram bars — a sign that buying pressure is increasing and bears are retreating.
Amid the recent price surge, CCN observed that HYPE is now trading above the 20-day Exponential Moving Average (EMA) on the daily chart. The 20 EMA (blue) acts as a support or resistance level.
When the price trades below the EMA, it typically signals resistance. However, in this case, since HYPE’s price is above the 20 EMA, it suggests that bulls have strong support backing the uptrend.
From an on-chain perspective, the recent surge in the Hyperliquid crypto price triggered a wave of short liquidations.
According to Coinglass, over $1 million worth of HYPE short positions were wiped out in the last 24 hours.
This spike in liquidations suggests a short squeeze—a scenario in which rising prices force short sellers to cover their positions, driving the price even higher.
If this momentum continues, HYPE could see further upside, boosting long positions while putting additional pressure on shorts.
On the 4-hour chart, the Chaikin Money Flow (CMF) has broken above the zero signal line. This rise above the neutral point reinforces the rising buying pressure around HYPE.
In line with that, the green line of the Supertrend is positioned below the altcoin’s price. This trend indicates HYPE’s price has broken above the significant resistance, and a new all-time high could be close.
Therefore, if this buying pressure increases, HYPE’s price could rally and hit the $50 psychological zone. However, a breakdown below the support at $40.36 could invalidate that prediction.
If that should happen, HYPE might decline toward $32.95 at the 0.618 golden ratio. The cryptocurrency might lose the $30 mark in a highly bearish case.
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.
