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HYPE’s Price Hits Key Level, But Is $50 Really On The Way?
The price of Hyperliquid (HYPE) has reached a critical point, with many experts weighing in on its potential future trajectory. In this article, we’ll delve into the recent developments and what they may imply for the asset’s near-term prospects.
The latest market activity shows that HYPE has taken a significant jump over the past week, climbing by an impressive 27%. This surge has led the altcoin to reach the upper Bollinger Band on the charts. Despite this potential red flag, many experts remain confident in the asset’s potential for further growth.
Some bold predictions have surfaced on X (formerly Twitter), suggesting that HYPE could potentially breach $50 and even push towards $60 in the coming days. While these claims are undoubtedly tantalizing, it is essential to examine the technical analysis and market trends to better understand the situation.
At the moment, HYPE’s Relative Strength Index (RSI) sits at 60, indicating that the asset is still well below the overbought territory. This could potentially allow for further upside momentum before a correction.
On top of these findings, the data highlights some intriguing insights regarding traders’ perspectives and sentiment. Market analysis suggests that $44.25 on the lower side and $47 on the upper side have become significant liquidation levels. Additionally, it appears that there are substantial long positions worth $10.91 million and short positions totaling $3.33 million.
To put this in simpler terms, bulls have been firmly in control during the past 24 hours.
Source: ambcrypto.com
