Hype could see an upward movement of 80% if it follows a bullish setup focused on the 1,618 Fibonacci extension.
According to data from crypto.news, hyperliquid (hype) acted at $ 37.96, 270% above the lows of the year, with a market capitalization of $ 12.6 billion.
Earlier this week, Token reached a record high of $ 45.57, stimulated by a significant traction in the ecosystem of the Hyperliquid Layer-1.
While the broader crypto market has recently been at risk due to escalating geopolitical tensions and the decision of the Federal Reserve to keep the interest rates unchanged, Hype has seen a withdrawal of 16.7% from its peak. However, the medium -term trend remains constructive.
On a technical level, Hype has maintained a bullish ascending channel since April, with price action with regard to the 78.6% Fibonacci retracement level near the border of the lower channel.
The exponential advancing average of 20 days continues to rise and is currently acting as dynamic support. As long as the price remains above this level, the structure promotes a continuation of the benefit.
A decisive rebound of the current levels could activate the next leg higher, which means that the 1,618 Fibonacci extension may be aimed at $ 68.3, an increase of approximately 80% compared to the current price level.
Conversely, a break below the 20-day EMA can indicate weakness in the short term, so that the door is opened for a deeper correction to the 50-day simple advancing average at $ 31.52.
Institutional investments and whales accumulation rise on
A few bullish catalysts seem to stimulate the positive view of hype.
Firstly, the hype is increasingly being looked at by institutions to build strategic treasuries on chains that are centered around the token. Nasdaq-Genten biotech company Eyenovia puts $ 50 million in hype tokens and plans to rebrand as Hyperion Defi, while Lion Group locked up a $ 600 million credit line to build a treasure chest around hype, Solana and Sui, with plans to mention in Asia.
Secondly, whales also started with re-introducing hype markets. According to the Tracking Platform of the Lookonchain chains, a whale recently deposited $ 4 million in USDC on the hyperliquid exchange to acquire hype, which indicates renewed trust among the deep pocket holders. Such movements often influence retail sentiment and fuel wider market interests.
On-chain statistics further support the bullish case. Facts From Defillama shows that the total value of hyperliquid locked has risen to $ 2.41 billion, an increase of more than 80% in the last 30 days. This increase reflects the growing user activity, adoption and capital inflow in the ecosystem.
In addition, the turnover model of hyperliquid adds fundamental support to the valuation of hype. The Protocol sends 97% of its income to TokenO buy, creating the consistent demand and pressure on the supply side that is in favor of appreciation in the long term. The income of the reimbursement and repurchase volumes have climbed In the past six months, the bullish structure of the active reinforce.
With the most important support levels of the price and the reconstruction of the momentum, hype remains technically positioned for continuation.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
