HYPE to 40? Or Doom? 🚀📉

Right then, HYPE to 40? Or Doom? 🚀📉

HYPE, in a move that surprised absolutely no one (except perhaps the goldfish), has apparently surged nearly 11% to reclaim the dizzying heights of \$39. This, they say, edges it closer to its all-time high. One can only assume the all-time high is somewhere just beyond the event horizon of utter financial ruin.
Could this be the prelude to a quick shakeout, where leveraged longs are squeezed until they confess to crimes they didn’t even know existed? 🤔

When the talk turns to Hyperliquid [HYPE], it appears the sentient beings known as traders have been holding their breath, waiting for Bitcoin [BTC] to, shall we say, ‘blink’. The suspense is palpable, mostly because they’ve been holding their breath for so long.

On what we are assured was the 9th of June in the year 2025, BTC performed the remarkable feat of printing its longest green candle in a month, rising a full 4%. HYPE, never one to be outdone in the theatrics department, responded with an explosive 11.22% surge, smashing through \$39 and settling down for the night at \$39.171. One has to wonder if it dreams of electric sheep.

This, ladies and gentlemen, marks the second occasion this June that HYPE has taken a swipe at the \$40 resistance. The previous attempts? Well, they were slapped down with the kind of force usually reserved for particularly annoying flies, leaving HYPE languishing in the dreaded red zone.

But! (And it’s a very important ‘but’ indeed) the current structure is exhibiting a level of resilience that is almost suspicious. Almost.

RSI, that mysterious indicator of things, remains in check, even on the lower timeframes. This breakout is now enjoying the support of a sharp 11.90% spike in Open Interest, propelling it to a record \$1.69 billion, surpassing even the peaks observed during the last two rallies. It’s enough to make one reach for a towel.

So, the burning question: will this be the breakout that finally breaches the \$40 supply wall, launching HYPE into the uncharted territories of price discovery? The technicals, those tea leaves of the financial world, are aligning. However, it all hinges on whether conviction can triumph over the next wave of utter, abject capitulation. 🤷

Smart money, which is often neither smart nor particularly good with money, is apparently stepping in at the top. Lookonchain, an entity of some repute, has identified a fresh whale entry: 126,353 HYPE were scooped up at an average cost of \$39.1. Make of that what you will.

Yes, that’s conviction at a key resistance. But does it indicate a confirmed bottom? The answer, as always, is a resounding ‘maybe’.

Previous attempts at reaching new all-time highs were also accompanied by substantial whale inflows and rising Open Interest. On the 26th of May, HYPE reached its record high of \$39.12, supported by a then-record \$1.39 billion in OI.

The setup appeared to be textbook bullish, right up until the moment it wasn’t. What ensued was a swift reversal, like a badly made omelet being flipped back into the pan. A wave of deleveraging reduced OI to \$1.19 billion, and HYPE retreated to \$31.41 in less than five days. The horror, the horror…

Now, with overheating signals making a comeback, FOMO is likely observing from the sidelines, possibly with a cup of tea and a biscuit. A pullback? Still very much a possibility, like finding a Vogon constructor fleet parked in your driveway. 😨

That being said, HYPE has been rather attached to BTC. Should Bitcoin manage to hold \$109k, or even break through \$110k, it could rapidly alter sentiment. FOMO would come rushing back, and \$40 might finally be conquered. 🎉

But holding that level? A tough ask, indeed. With liquidity heavily concentrated in derivatives, the potential for a sharp unwinding remains elevated. Don’t Panic. Unless, of course, you have good reason to.

2025-06-10 19:10

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