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How HYPE traders are positioning themselves for a potential market breakout
HYPE has been trending downward over the past week, resulting in a 12.17% loss before attempting to recover with a 2.22% gain within the last 24 hours. Despite this fluctuation, AMBCrypto analysis suggests that the asset is now primed for a significant market breakout.
One key factor driving this optimism is an increase in decentralized exchange (DEX) trading volume and Total Value Locked (TVL). As of press time, DEX trading volume has shown a marked surge, indicating rising interest from investors. This uptick in activity may signal the beginning of a new bullish trend for HYPE.
Furthermore, it appears that traders are aligning their positions to capitalize on this potential breakout. The Long/Short Ratio on Coinglass, which evaluates market sentiment by comparing the number of long and short contracts, reveals a dominant buying interest. With a ratio above 1, the data suggests an overwhelming majority of traders have shifted towards a bullish outlook.
Furthermore, the Funding Rate, which tracks the balance between long and short positions, has also indicated a strong buy signal. The current rate of 0.0734% indicates that bulls are willing to pay a premium to maintain their long positions, further supporting the notion that HYPE is on the cusp of a market turnaround.
As these trends continue to unfold, it’s possible that HYPE may push towards previous highs, potentially challenging its all-time high of $42.
The sentiment among traders seems to be shifting in favor of this potential breakout. However, as with any financial instrument, it’s essential for investors to conduct their own research before making any investment decisions.
Source: ambcrypto.com
