Hyperliquid’s local token, HYPE, has recently seen impressive gains, becoming a focal point within the market. Climbing by 21% within a day, HYPE now stands at $71.71. Its daily trading volume has reached $1.64 million, and its market cap is approximately $18.18 billion.
What Does the Technical Landscape Suggest?
A setup similar to a previous strong upward trend has emerged on HYPE’s chart, observed by Crypto Patel, a crypto analyst. Previously, the 0.618 Fibonacci retracement level aligned with a bullish order block and fair value gap, driving the token toward new highs. Currently, a critical resistance and reversal zone for HYPE lies between $70 and $74, with the analyst stressing that weekly closure above $77 could strengthen the bullish trend.
Crypto Patel emphasizes, “If HYPE closes above $77 weekly, the bullish scenario will gain strength.”
After a sharp fall, the recovery has made the $70 to $74 range critical in the short term. Failure to break this range may trigger a deeper pullback. In such a scenario, Patel suggests the price could descend to between $50 and $40, with the $41 to $32 range potentially serving as an accumulation zone.
A close above $77 could shift the current technical structure significantly, making the $150 level a potential target for market participants.
- Current Price: $71.71
- Critical Resistance Range: $70 to $74
- Strengthening Point for Upside: Weekly close above $77
- Potential Pullback Area: $50 to $40
- Possible Target: $150
How Does Coinbase’s Expansion Impact Hyperliquid?
Coinbase has integrated Hyperliquid futures into its Base application, allowing users meeting specific criteria to access over 290 markets, including cryptocurrencies, stocks, and commodities. Known as a major U.S.-based cryptocurrency exchange, Coinbase aims to offer these advanced on-chain financial products to eligible users.
However, this service is unavailable in the U.S., U.K., Canada, and other regions prohibiting leveraged crypto derivatives. This move signifies a shift from Base’s social and productivity focus to a broader scope encompassing trading, payments, and AI tools.
Will Resistance Levels Dictate the Future Path?
HYPE’s upward momentum is supported by positive technical indicators and increased access to Hyperliquid futures. Recent upward movements in Bitcoin have also bolstered the overall market sentiment. The potential to surpass the $77 level will be closely observed; failure might bring the $50 to $40 range back into consideration. If a breakout upward occurs, the target of $150 could become more viable.
