Hyperliquid (HYPE) Shows Bullish Signs Near $50 Resistance
Hyperliquid (HYPE) is approaching a key resistance level at $50.00. The token has recovered from losses in September, rising from around $40.00. This recovery is supported by better sentiment in the overall crypto market. The launch of HUSD, Hyperliquid’s native stablecoin, also boosts confidence in the token. The DeFi ecosystem of Hyperliquid has gained strength after September’s drop, adding to the positive outlook for HYPE.
DeFi Growth Supports Hyperliquid’s Price Rise
Trading volume on Hyperliquid’s perpetual decentralized exchange (DEX) is increasing. Data from DefiLlama shows volume rising to $9.47 billion, up from about $4 billion last Saturday. This rise means more traders are active, increasing demand for HYPE to pay transaction fees.
The Total Value Locked (TVL) in Hyperliquid’s DeFi platform also supports the bullish trend. TVL is now $2.35 billion, up 5% in the last 24 hours and 13% since Friday. TVL measures the value of assets held in smart contracts on the platform. When TVL grows, it shows investor confidence and helps secure the network. This steady growth strengthens Hyperliquid’s positive outlook as selling pressure eases.
Technical Analysis: Hyperliquid Eyes Break Above $50
Hyperliquid is close to breaking the $50 resistance level. The Relative Strength Index (RSI) is at 52 and rising, showing less selling pressure. The Moving Average Convergence Divergence (MACD) indicator may soon give a buy signal if the blue line crosses above the red line on the daily chart. This would attract more traders to buy HYPE.
A daily close above $50 would set a new support level. This could lead to a move toward the token’s record high of $59.43, reached on September 18. If prices fall, support may appear near the 50-day Exponential Moving Average (EMA) at $47.53. Additional support lies at the 100-day EMA of $44.24.
