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How HYPE Traders Are Positioning Themselves for a Potential Market Breakout
In recent days, Hyperliquid [HYPE] has shown signs of recovery after a 12.17% decline over the past week. The project’s decentralized exchange (DEX) trading volume and Total Value Locked (TVL) have both experienced significant increases, accompanied by an uptick in price. This surge in activity suggests that market sentiment is shifting towards optimism, favoring potential long-term growth.
The data indicates that traders are increasingly turning bullish on HYPE, with the majority of OKX traders betting on a significant upswing. In fact, a recent report from Coinglass revealed a Long/Short Ratio of 7.78, indicating an overwhelming number of long contracts compared to short contracts. This ratio is often used as an indicator to gauge market sentiment, with values above 1 typically favoring bulls.
Furthermore, the Funding Rate has also shown a strong buying interest, standing at a rate of 0.0734%. For context, this metric tracks the balance between long and short positions in the market, and readings above zero suggest that bears are being forced to exit their shorts due to excessive losses, causing prices to rise.
With this information in mind, traders may be well-advised to consider accumulating HYPE in anticipation of a potential breakout.
Source: ambcrypto.com
