Token Soars to Fresh Peak of $39.39 on May 26 for Hyperliquid (HYPE)
On May 26, the HYPE token on the Hyperliquid DEX reached an unprecedented all-time high of $39.39, a 300% surge from its April 7 lows. The token's price rose 11% in the past 24 hours and the trading volume hit $570.5 million.
Technical analysis suggests potential price targets of $44.65 and $56.70, based on wave patterns. This Extension wave, as suggested by wave count analysis, has already pushed the price to new highs.
The Hyperliquid DEX has experienced significant activity, with open interest exceeding $1.2 billion and total value locked at $455 million, an 80% increase from early April. The increased trading volume indicates a rapidly expanding user base and trading activity.
Whale activity and short liquidations of $753,000 in 24 hours support the current bullish momentum. Around 97% of all trading income returns directly to HYPE token holders, creating underlying value for long-term investors through revenue sharing.
The token had faced resistance and a double rejection around the $40 level, leading to a slight pullback to around $35.5 as of May 28. The upswing began when the token broke out of a descending parallel channel on May 21, clearing the path for new highs.
Momentum remains optimistic, with community engagement and momentum-based strategies driving short-term trading opportunities for HYPE. If the cup-and-handle pattern completes successfully, targets of $45 to possibly $50 could be achievable.
However, traders should be cautious and watch for volume confirmation and resistance around the $40 level to gauge the bullish trend's future direction. A mild correction toward $30 may occur before another attempt to break higher.
For the short term, following the recent rejection near $40, a correction toward $30 is likely. In the medium term, if the cup-and-handle pattern completes successfully, targets of $45 to possibly $50 could be achievable. The overall wave patterns and momentum suggest potential for further gains toward these levels if bullish sentiment persists on Hyperliquid DEX.
Bitcoin, with its roots in technology and finance, has also caught the eye of investors, as its decentralized nature and potential for returns mirror the rapidly expanding user base and trading activity observed on the Hyperliquid DEX. The surge in short-term trading opportunities for Bitcoin could be driven by momentum-based strategies, much like the current bullish momentum surrounding the HYPE token.
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