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Hyperliquid records strong user growth, HYPE could rise back to the $45 mark.
Hyperliquid (HYPE) is experiencing a period of explosive growth, with an average daily trading volume soaring from under 100 million USD to an impressive 3 – 5 billion USD in just one year, according to CoinGlass's semi-annual cryptocurrency derivatives market report.
Currently, Hyperliquid holds over 80% of the perpetual contract market share in the DeFi space – a figure that demonstrates the platform's outstanding influence.
With its increasingly consolidated dominant position, is the HYPE token preparing for a strong price surge? Let's explore through the technical signals on the chart to find out.
HYPE technical analysis
The price of HYPE has surged from the 50-day simple moving average (SMA) at $37.08 on Tuesday, indicating that demand has emerged at lower price levels.
On the contrary, the 50-day SMA will be the support level to watch. If this level is broken, the HYPE/USDT pair may drop to $35.33 and then to $30.69.
If the price stays above the moving averages, the pair could rise to $40 and then to $41.23. A breakout above the $41.23 level will be a signal that the bulls have completely overpowered the bears, paving the way for a strong rally to $44.
On the contrary, if the price falls below the moving averages and maintains its downward momentum, the pair could reverse towards the strong support area at $36.82.
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