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- HYPE is up 10% in the last 24 hours, beating other major cryptocurrencies.
- The currency may rise to the $50 level of speculation in the near future.
Hyperliquid (HYPE) nears $40 as US-Iran ceasefire boosts market sentiment
HYPE, a currency from Hyperliquid DEX, is approaching the $40 mark on Wednesday, extending its recovery linked to the US-Iran ceasefire.
HYPE demand for HYPE continues to rise, making futures open for Open Interest in the middle of the market. Technically, HYPE has stopped falling on the 4-hour chart, which indicates a long-term exposure.
Throughout the US-Iran conflict, Hyperliquid has shown resilience, with its 24/7 trading platform for crude oil and other commodities having flourished during the crisis. The continued recovery in the crypto market, led by the fire stop, has increased the expectation of a HYPE recovery.
According to CoinGlass dataHYPE futures Open Interest (OI) reached $1.64 billion on Wednesday, showing an increase of 9% in the last 24 hours. In general, such expansion of OI during bull markets indicates the need to enter the acquisition market.
Closed in the last 24 hours amounted to $ 4.49 million, led by $ 4.28 million in frequency, indicating the weakness of the trade. Furthermore, OI-weighted earnings remain positive at 0.0082%, indicating a stable sentiment among traders.
Will HYPE do it for $50?
The HYPE/USD 4-hour chart is strong and useful as Hyperliquid is the best performer among leading cryptocurrencies.
HYPE is trading above the 50- and 200-period Exponential Moving Averages (EMA) on the 4-hour chart, indicating a potential reversal.
At the time of writing, HYPE is trading at around $39.00, increasing the profits of the falling trend.
The Moving Average Convergence Divergence (MACD) line is above its signature and zero line, which means strengthening.
The Relative Strength Index (RSI) at 66 remains below the overbought zone, suggesting a strong buy without too much fatigue at this point.
If this rally continues, HYPE could rise to the first resistance level at $43. A daily candle that closes above this level would open the way for an upward move to the $50 level.
However, if the market pulls back, HYPE may test the 200 EMA at $37.10. A break below this support level would end a bullish breakout and increase the risk of a bullish breakout.
