HYPE is a token traded in the crypto market, with utility focused on blockchain adoption within specific ecosystems like DeF, or community-driven use cases. Hyperliquid has recently achieved significant milestones in trading volumes, particularly in decentralized perpetual swaps. As of December 13, 2024, the platform’s cumulative perpetuals trading volume surpassed $500 billion, marking a 15-fold increase within the year.
In terms of daily activity, Hyperliquid recorded an average daily trading volume exceeding $5 billion, accounting for over 45% of the total on-chain perpetuals market. Notably, Ether (ETH) perpetuals led this activity, with a trading volume of $7 billion over a recent week, surpassing Bitcoin’s (BTC) $5.94 billion in the same period.
Based on H4 chart:
1. Liquidity Zones
• Sell Side Liquidity is observed around $0.138 and $0.120, indicating stop-loss zones or short positions that could be targeted by bearish price moves.
• Buy Side Liquidity exists near $0.169 and $0.218, suggesting potential areas for price surges if bullish momentum builds.
2. Price Structure & Tren
• The price is currently consolidating with potential for a breakout above resistance levels.
• The SMA 13 (yellow line) and SMA 50 (blue line) are attempting a golden cross, which typically signals the start of bullish momentum. However, further confirmation is needed to verify this trend.
3. Fibonacci Levels
• From the swing low at $0.119 to the swing high at $0.218, retracement to the 50%-61.8% zone indicates a retest of support around $0.140-$0.150.
4. Relative Strength Index (RSI)
• RSI is in the neutral zone near 50, indicating no significant bullish or bearish momentum yet. However, the upward trend in RSI suggests increasing buying pressure.
5. Price Movement Projections
• Bullish Scenario: If the price breaks above resistance at $0.169 and captures liquidity above the Buy Side Liquidity zone, the next target would be $0.218, with potential extension to $0.27 (Fibonacci extension level 1.618).
• Bearish Scenario: If the price fails to hold above $0.150, it could retest the Sell Side Liquidity zone at $0.138 or even $0.120 as a strong support level.