HYPE price recovery is driven by increased activity on Hyperliquid, despite declining open interest on the derivatives exchange.
The HYPE price currently stands at $55.68, showing a 2.47% increase over the past 24 hours. This has been accompanied by strong perpetual trade activity on Hyperliquid.
Also Read: Hyperliquid Price Forecast: HYPE Reclaims Support With $57 Target in Sight
Why HYPE Price Is Bouncing Back?
There is a recovery of the HYPE price from the lows around the range of $53 to $54 on the daily chart. This bounce-back has taken the token closer to the short-term moving average levels, but buyers have failed to trigger a breakout.
According to the price chart provided by TradingView, the price of HYPE is trading below the 20-period EMA at $56.05, the 100-period EMA at $56.64, and the 50-period EMA at $58.43. On the contrary, the price of HYPE is trading above the 200-period EMA at $51.32.
This leaves the short-term setup cautious, while the 200-period EMA continues to act as an important support level.
Also Read: Hyperliquid Price Targets $75 Rally as HIP-3 Fuels Real-World Asset Demand
Can the HYPE Price Beat the $66 Level?
The $66.83 level is the major resistance area. A sustained breakout above this area will support the idea of a turnaround and shift attention to the higher levels seen before on the chart. Meanwhile, HYPE stays stuck in a consolidation range.
Effect of Hyperliquid Trading Volume on HYPE Price
As reported by Hyperliquid Daily, the platform had $218 billion in perpetual volume in July, which was higher than the combined volume of the next seven leading perpetual DEXs. Furthermore, the HIP-3 RWA open interest surpassed $4 billion.
The post also noted, “While CEX activity is shrinking, Hyperliquid is still growing.” This suggests that the platform’s rising activity could remain an important factor for the HYPE ecosystem.
What Should HYPE Price Traders Watch for Next?
According to Coinglass data, The open interest of Hyperliquid has fallen from $2.9 billion in early July to around $2.3 billion, signaling that there is less leverage in the market despite the current price recovery. An upward move above $58.43 will improve the short-term technical bias, while a move below $51.32 will weaken the broader setup.
Considering the high volatility associated with cryptocurrency markets, traders should monitor the price action, sentiment, and upcoming events before placing any trades.
Also Read: HYPE Price Eyeing $66 As $11.17 Million Buy Triggers August Bounce
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
