YPE rebounds from lows, breaks key trendlines, and shows signs of further growth | Credit: Hameem Sarwar
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Key Takeaways
HYPE exited a multi-week bearish pattern on April 8, triggering a strong uptrend.
Price action has moved above the Ichimoku Cloud, signaling strong support.
Rising Open Interest suggests increasing trader exposure and bullish sentiment.
Positive BBP readings confirm bulls still control HYPE’s price action.
After its brief drop below $10 on April 6, Hyperliquid’s (HYPE) price has risen nearly 100%. As of this writing, HYPE’s price trades at $19.96 amid rising bullish sentiment.
The rebound erased recent losses and pushed HYPE back into a key price range that could act as a catalyst for higher values. On-chain data also revealed real demand behind this bounce.
But where will HYPE’s price go from here? CCN takes a look at the altcoin’s potential in the short term.
But on April 8, bulls neutralized bearish dominance and drove HYPE above the resistance at $13.55. This break above the upper trendline of the bearish pattern ensured that the cryptocurrency surged further.
Amid that shift, HYPE’s price also broke above the Ichimoku Cloud. Typically, when the price trades below the cloud, it faces resistance.
But now that it’s above, the Hyperliquid coin has gained strong support, increasing the likelihood of a continued upswing. In addition to that, the Moving Average Convergence Divergence (MACD) has also formed a bullish crossover on the same timeframe.
If this trend continues, HYPE’s price might break above any major resistance ahead and hit a higher value.
Open Interest Exceeds $600M
Outside of the technical outlook, Coinglass data shows that HYPE’s Open Interest (OI) has been increasing lately. The OI refers to the sum of the value of open contracts in the market.
High OI indicates rising trader exposure to a cryptocurrency and rising buying pressure in the derivatives market. On the other hand, a drop in the OI means traders are increasingly closing their positions and taking liquidity out of the market, which is bearish.
At press time, the OI had risen above $600 million. From a trading point of view, the rise in OI alongside HYPE’s price increase indicates strength to the upside. Therefore, if Open Interest rises, the HYPE might do the same.
An assessment of the daily chart again shows that the Bull Bear Power (BBP) has remained positive. A negative BBP typically indicates that bears are dominant, which signals selling pressure.
Therefore, this position indicates that buying pressure is still very present around HYPE. If this remains the same, HYPE’s market value could rise past the resistance at $21.07.
Should that be the case, the market value might hit $23.84 in the short term. On the contrary, this prediction might not pass if bears take control.
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.
