Hyperliquid (HYPE) is decisively trading near its previous all time high (ATH) of $51.17. This bullish momentum is supported by its rising trading volume, which has doubled today as per CoinMarketCap.
With the HYPE price closing in on its previous ATH with just a 2% difference, as it is currently trading at $50.84, it unequivocally sets the stage for a potential parabolic run into uncharted territory.
ATH Breakout and Ascending Triangle Confirmed
For weeks, the HYPE/USD pair has now been consolidating within a clear ascending triangle formation, a classic bullish pattern. This pattern features horizontal resistance level precisely at the token’s ATH of $51.17, alongside a steady support line. This setup indicates that buyers are aggressively accumulating at progressive high lows, relentlessly challenging the ATH.
The latest price action shows price is currently attempting a powerful breakout above $51.17 ATH, a move that is the strongest possible continuation signal for an existing uptrend. This is not just a breakout from a pattern, it’s the breach of the ultimate historic price ceiling. As the surge in trading volume confirms the strong demand, HYPE might just enter the ‘Price Discovery’ phase.
Fibonacci analysis from earlier further strengthens this bullish outlook. The price previously found strong support at $44.8, the 0.618 Fibonacci retracement level during a recent pullback, a textbook sign of healthy trend corrections. With ATH now the only resistance left, Fibonacci extensions become critical tools for projecting price targets.
The first major target for this rally is projected at the 1.0 extension around $53.45. A more ambitious target sits at the 1.618 extension around $61.52, also coinciding with the triangle breakout pattern.
As of now, chart patterns are already bullish, and an examination of moving averages provides additional confirmation. The chart displays a compelling ‘Bullish Fan’ formation, where the shorter term moving averages are conspicuously staked above the longer-term ones. Through its climb, HYPE has consistently found dynamic support on or above its moving averages.
While short-term volatility is always a factor, the technical structure overwhelmingly points to a likely and sustained continuance of the uptrend as HYPE gears up to navigate new price discovery. Traders and investors will be closely monitoring the $51.17 as it will act as a crucial support.
Also Read: Hyperliquid to Launch USDH Stablecoin Ticker Post Validator Vote
Disclaimer: The Crypto Times publishes news, analysis, and educational content for informational purposes only. We do not offer financial, investment, legal, or trading advice of any kind. All content on our website is intended to be neutral and fact-based. Readers should always do their own research, consult with licensed professionals, and evaluate risks independently. The Crypto Times does not endorse or recommend any specific cryptocurrencies, tokens, projects, financial products, or investment strategies. We do not accept legal liability for any financial losses incurred as a result of reliance on information published by us.
