Ah, Hyperliquid (HYPE), the token that has decided to throw a party above the $40 mark and invite everyone! 🎉 For the past few days, it has been dancing at all-time highs, and it seems to have taken a liking to the spotlight, with a dazzling 70% increase over the last 30 days. It’s now strutting its stuff as one of the top 10 cryptocurrencies by market cap, leaving stablecoins and wrapped assets in the dust like a bad magician’s assistant.
This meteoric rise is no accident, mind you. Hyperliquid is busy dominating the perpetuals market, raking in revenues that would make even the most seasoned crypto barons raise an eyebrow. With momentum stronger than a caffeinated squirrel, HYPE is firmly in the limelight.
Hyperliquid: The Uncontested Champion of Perps Market
Hyperliquid has established itself as the heavyweight champion of crypto perpetuals, with its market share soaring from a humble 63.7% in December 2024 to a jaw-dropping 76.9% today. Talk about a glow-up!
With weekly trading volumes that range between $50 and $75 billion—yes, billion with a ‘B’—it dwarfs its closest competitor, Jupiter, which is still trying to figure out how to break the $7 billion mark. Hyperliquid is now in a league of its own, like a cat among a pack of dogs.
In the last 30 days, it has generated nearly $65 million in revenue, ranking just behind the stablecoin titans Tether and Circle, while leaving established names like Tron, PancakeSwap, Axiom, and Pump wondering what went wrong. 😅
In just the past 24 hours, Hyperliquid has managed to pull in $2.5 million in revenue, all while its native token is soaring to new heights, despite some recent drama involving James Wynn trades. And guess what? HYPE has just been listed on Binance US, leaving analysts speculating whether it will soon grace the illustrious Binance itself. 🧐
HYPE Takes a Breather After RSI Peaks, But Don’t Count It Out!
Now, let’s talk about HYPE’s Relative Strength Index (RSI), which has cooled off to 67.27 after reaching a dizzying 77.63 yesterday. It’s still significantly higher than the 50.85 reading from two days ago, so don’t start the funeral just yet!
The RSI is like that friend who tells you when you’ve had too much cake—ranging from 0 to 100, it helps identify whether an asset is overbought or oversold. Readings above 70 suggest it might be time to take a step back, while levels below 30 indicate it’s time to buy the cake! 🎂
With HYPE currently lounging just below the overbought threshold, it suggests that bullish momentum is still in play, but buyers might be taking a breather after that wild run-up.
Now, let’s not forget the BBTrend, which is currently at -0.9 for HYPE, up from a rather dismal -4.11 just a day ago. It’s been negative for three days, but hey, even the best of us have our off days! The BBTrend measures price strength relative to volatility bands, with positive values usually signaling a party and negative values indicating a quiet night in.
A BBTrend of -0.9 suggests the price is still in a bit of a slump, but the sharp recovery from lower values hints at a potential comeback. It’s like watching a phoenix rise from the ashes, but with more spreadsheets.
All these indicators point to a cooling phase for HYPE, where the strong rally may take a breather, but signs of renewed strength are beginning to peek through the curtains.
HYPE Bulls Hold Steady Above $40, Eyes Set on $45!
HYPE has managed to keep its head above the $40 mark since yesterday, supported by a robust EMA structure where short-term lines are still trending above long-term lines—signaling that the bulls are still in charge. 🐂
This alignment reflects a healthy market sentiment, indicating that buyers are still in control for now. As long as this setup holds, upward continuation seems likely, with the next key test for our brave bulls being the $45 region.
However, let’s not ignore the lurking downside risks. If momentum weakens and HYPE decides to retest the $38.2 support level, a break below could trigger a deeper correction. In that case, we might see prices tumble toward $32.62, and if that level also fails to hold under heavy selling pressure, HYPE could drop as low as $30.64. Yikes! 😱
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2025-06-11 21:58