HYPE, the token behind decentralized exchange Hyperliquid, saw increased interest after being listed on US trading platform Robinhood and following the S-1 filing by the entity behind it.
At the time of writing, the token is priced at around $40, with a 24-hour trading volume of $517 million. It has gained 3% over the last day and is up 15% in the past week.
Price Breaks From Downtrend
The recent move marks a clean break above a downward trendline that had acted as resistance for several weeks. Multiple failed attempts to break above the line added weight to the breakout when it finally occurred. The price now trades above that level, with a large green candle confirming the shift.
Crypto analyst Batman commented,
“$HYPE has finally broken out of its short-term bearish trend after months of staying under.” They added, “Once something strong gets broken, it often flips and acts as support.”
The zone between $39 and $40 is now seen as an area to watch for potential support on any retest.
However, views remain mixed on where the price goes from here. Analyst Crypto Patel offered a more cautious view, suggesting a possible move back toward $32.
“We just broke down from the channel support and honestly? It’s looking bearish,” they wrote. “I’m expecting a retest and then a move down to the $32 support zone.”
They added that if $32 fails, the next zone to watch is between $22 and $20. Still, the analyst described that area as a long-term buying opportunity. Despite the near-term uncertainty, their long-term outlook remains bullish, with price targets of $50, $100, $200, and even $500 over time.
Indicators Back Uptrend
The chart also shows strength in key indicators. The MACD has printed a bullish crossover, with the MACD line crossing above the signal line. The histogram has turned green, suggesting momentum may continue to build.
In addition, the 9-day EMA is at $38, with the price holding above it. This supports the current bullish momentum. As long as the asset remains above this level, buyers remain in control in the short term.
Hyperliquid Prepares for Public Offering
Hyperliquid Strategies has submitted an S-1 filing to the US Securities and Exchange Commission. The firm plans to raise up to $1 billion through a public offering of 160 million shares. Chardan Capital Markets has been named as the financial advisor for the offering.
Moreover, the company has shown strong growth throughout the year, with steady activity in blockchain usage and token repurchases. The Robinhood listing and the latest price breakout come at a time when Hyperliquid is expanding its reach into public markets.