How HYPE traders are positioning themselves for a potential market breakout
The post How HYPE traders are positioning themselves for a potential market breakout appeared on BitcoinEthereumNews.com.
At the time of writing, HYPE’s trading volume on decentralized exchanges continued to rise, alongside a surge in TVL. There was also a confluence between a key support zone and the lower band of the Bollinger Bands. Following a week-long decline of 12.17%, Hyperliquid [HYPE] has started to recover, posting a 2.22% gain in the past 24 hours. Though this is a modest increase, AMBCrypto’s analysis suggests that market sentiment favors a stronger rally in the near term. Positive momentum for HYPE At press time, HYPE’s decentralized exchange (DEX) trading volume and Total Value Locked (TVL) have shown significant increases, a sign of healthy development within the ecosystem. DEX trading volume, which measures the amount of HYPE transacted within a specified period, has begun to climb following a brief decline during the holiday period. According to the latest data from Artemis, the trading volume was $268.4 million at press time, up from a low of $225.5 million. This increase in volume, accompanied by a rise in price, often indicates a bullish trend. The chart’s blue line, representing price, reflected this upward movement. Source: Artemis Similarly, the weekly TVL—a measure of liquidity inflows and outflows within HYPE’s protocols—has surged. As of press time, TVL has risen to $2.582 billion, recovering from a drop to $2.221 billion on the 22nd of December. Source: DeFiLlama The current conditions present a strong buying opportunity for investors, supporting the likelihood of continued upward momentum in the market. Key chart alignment: A potential surge for HYPE A key confluence has emerged on the chart at press time, as HYPE’s support level within its bullish structure aligned with a critical level—the lower band of the Bollinger Bands (BB) indicator. The chart showed the formation of a bullish triangle pattern, suggesting a likely upward price movement. HYPE’s price…
Filed under: News - @ January 5, 2025 8:11 am