HYPE price eyes a new all-time high at $68 with a 70% rally, fueled by bullish momentum and growing whale interest. Can the surge continue?
Hyperliquid (HYPE) has been one of the most successful coins in the past two months, as it has achieved a succession of all-time highs.
Even though it has experienced an 11% decline from its most recent all-time high of $45 earlier this week, there are still bullish indicators in place.
The HYPE price traded at $40 on June 18, with a 4% intraday decline, and trading volumes had increased slightly by 7% to $40.
Is HYPE Price Poised For Additional 70% Increase?
The HYPE token has established an ascending parallel channel, indicating that buyers have maintained control of the price action for over two months, following an uninterrupted upward trend since April.
After the buying strength diminished as some traders took profits at the all-time high price, the HYPE price tested the lower support level in this pattern at the time of press.
It will probably contribute to an additional rally to new highs if it can rebound from this support level with robust purchase volumes.
The RSI indicator also indicates a bullish HYPE price forecast, as the momentum remains bullish at 60, even though the price retreats to the lower support line.
It can increase by 70% and establish a new ATH at $68 if it can establish a higher low and surmount the resistance at the upper trendline of the ascending channel at $46.
Nevertheless, it is imperative to exercise caution, as the AO histogram bars indicate that the bullish trend is becoming increasingly fragile.
The bullish outlook may be rendered invalid, and the token may be compelled to decline to the $32 61.8% Fibonacci level if there is no change in this outlook as the token’s price tests the lower boundary support.
Growing institutional interest is one of the factors that could contribute to a 70% increase in the price of HYPE to $68.
This is because Eyenovia, a Nasdaq-listed company, has launched a Hyperliquid Treasury and has invested $50 million to purchase tokens.
Whales Have Opened Long Positions Totaling $12 Million
Opening long positions on the token has resulted in substantial profits for large wallets.
A whale generated a $34 million profit on HYPE with a 4x leverage position, as CoinGape reported.
These speculative traders are being relentless as the HYPE price continues to reach new record highs, according to data from CoinGlass.
Despite the price retracing to support, billionaires have opened $11 million worth of long positions on the Hyperliquid DEX platform in the last 24 hours, according to data from Coinglass.
If the price falls to the $32 61.8% Fib level, one of these whales will be liquidated, demonstrating that it serves as critical support.
This forecast implies that substantial addresses are optimistic about the HYPE token’s potential to maintain its upward trajectory and achieve a new all-time high shortly.
In conclusion, the HYPE price is on the brink of a 70% rally to $68 as bullish momentum persists within an ascending parallel channel.
Whales may be preparing for such action following these wallets’ opening of long positions worth over $11 million.